FxWirePro: South African rand trades noticeably lower ahead of Central Bank’s interest rate decision; hits lowest level since Jan 01, 2016
USD/ZAR is currently trading around 17.40 levels. It made intraday high at 17.54 and low at 17.03 levels. Intraday bias remains bullish till the time pair holds key support at 16.90 mark. A daily close above 17.06 will t…
It made intraday high at 17.54 and low at 17.03 levels.
Intraday bias remains bullish till the time pair holds key support at 16.90 mark.
A daily close above 17.06 will take the parity higher towards key resistances around 17.58, 17.76, 17.87, 18.22 and 18.40 marks respectively.
Alternatively, a daily close below 17.06 will drag the parity down towards key supports at 16.40, 16.22, 16.00, 15.70, 15.40, 15.25, 15.10, 15.02, 14.94, 14.72 and 14.50 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 interest rate decision around 1300 GMT.
We prefer to take long position on USD/ZAR around 17.35, stop loss at 16.70 and target of 17.76/18.00/18.22.
