FxWirePro: South African rand trades marginally higher ahead of unemployment rate data
USD/ZAR is currently trading around 15.23 levels. It made intraday high at 15.34 and low at 15.23 levels. Intraday bias remains bearish till the time pair hold key resistance at 15.40 mark. A daily close above 15.46 will…
It made intraday high at 15.34 and low at 15.23 levels.
Intraday bias remains bearish till the time pair hold key resistance at 15.40 mark.
A daily close above 15.46 will take the parity higher towards key resistances around 15.70, 15.92 and 16.10 marks respectively.
Alternatively, a daily close below 15.12 will drag the parity down towards key supports at 15.02, 14.94, 14.70 and 14.57 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 15.26, stop loss at 15.40 and target of 15.02/14.94.
