FxWirePro: USD/ZAR exhibits range bound movement, sustaind close above 13.72 targets 13.96

• USD/ZAR is currently trading around 13.77 levels.

• It made intraday high at 13.79 and low at 13.64 levels.
   
• Intraday bias remains bullish for the moment.   
   
• A daily close above 13.72 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, 15.45, 15.66, 15.77, 15.86 (February 29, 2016 high) and 16.15 marks respectively.
   
• Alternatively, a daily close below 13.72 will drag the parity down towards key supports at 13.57, 13.45, 13.32, 13.19, 13.01, 12.82 and 12.58 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• South Africa’s December net $ gold forex reserves decrease to 40.809 bln $ (forecast 40.898 bln $) vs previous 41.077 bln $.
   
• South Africa’s December gross $ gold & forex reserves increase to 47.356 bln $ (forecast 46.820 bln $) vs previous 47.043 bln $.

We prefer to take short position in USD/ZAR around 13.80, stop loss 13.96 and target of 13.57/13.45/13.32.