FxWirePro: South African rand weakens drastically against U.S. dollar, hits lowest level since June 2016

• USD/ZAR is currently trading around 15.57 levels.

• It made intraday high at 15.69 and low at 15.25 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 14.82 mark.
   
• A daily close above 15.34 will take the parity higher towards key resistances around 15.73,15.98 and 16.24 marks respectively.
   
• Alternatively, a daily close below 15.34 will drag the parity down towards key supports at 14.82, 14.70, 14.52, 14.30 and 14.05 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 Aug 2018 std bank whole econ PMI decrease to 47.2 vs previous 49.3.

We prefer to take long position on USD/ZAR around 15.55, stop loss at 15.25 and target of 15.98.