FxWirePro: South African rand trades marginally higher ahead of manufacturing production data
USD/ZAR is currently trading around 14.35 levels. It made intraday high at 14.41 and low at 14.30 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 14.40 mark. A daily close above …
It made intraday high at 14.41 and low at 14.30 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 14.40 mark.
A daily close above 14.52 will take the parity higher towards key resistances around 14.75, 14.94 and 15.26 marks respectively.
Alternatively, a daily close below 14.29 will drag the parity down towards key supports at 14.22, 14.12, 14.02, 13.87, 13.78, 13.70 and 13.50 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Africa will release manufacturing production data around 1000 GMT.
South Africa April 2019 net $gold & forex reserves decrease to 43.245 usd vs previous 43.266 usd.
South Africa April 2019 gross $gold & forex reserves decrease to 49.538 usd vs previous 49.679 usd.
We prefer to take long position on USD/ZAR only above 14.40, stop loss at 14.22 and target of 14.75/14.94.
