FxWirePro: South Africa's rand weakens more than 1 pct against dollar as Fitch downgrades South Africa
USD/ZAR is currently trading around 13.93 levels. It made intraday high at 13.93 and low at 13.73 levels. Intraday bias remains bullish till the time pair holds key support at 13.65 marks. A daily close above 13.73 will …
It made intraday high at 13.93 and low at 13.73 levels.
Intraday bias remains bullish till the time pair holds key support at 13.65 marks.
A daily close above 13.73 will take the parity higher towards key resistances around 13.96, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
Alternatively, a daily close below 13.73 will drag the parity down towards key supports at 13.65, 13.46, 13.20, 12.95, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
Fitch downgrades South Africa to 'BB+'; outlook stable.
Moody's places South Africa's BAA2 ratings on review for downgrade.
S&P lowered the long-term South Africa national scale rating to 'ZAAA-' FROM 'ZAAAA'.
We prefer to take long position in USD/ZAR around 13.88, stop loss at 13.65 and target of 14.16/14.29.
