FxWirePro: South African rand weakens against US dollar, good to stay bullish above 14.75
USD/ZAR is currently trading around 14.64 levels. It made intraday high at 14.66 and low at 14.53 levels. Intraday bias remains bullish till the time pair holds key support at 14.45 marks. A daily close below 14.45 will …
It made intraday high at 14.66 and low at 14.53 levels.
Intraday bias remains bullish till the time pair holds key support at 14.45 marks.
A daily close below 14.45 will drag the parity down towards key supports at 14.43(20D EMA), 14.28, 14.19 (May 03, 2016 low) and 13.91 levels respectively.
Alternatively, a daily close above 14.62 will take the parity higher towards key resistances around 14.75, 14.96, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
We prefer to take long position on USD/ZAR only above 14.75 with stop loss at 14.45 and target 14.96/ 15.28 marks.
