- 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 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.
