FxWirePro: USD/ZAR hits fresh 2-month high at 13.61 mark as South Africa’s central bank keeps repo rate, prime rate unchanged

• USD/ZAR is currently trading around 13.41 levels.

• It made intraday high at 13.61and low at 13.23 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 12.95 marks.        
   
• A daily close above 13.28 will take the parity higher towards key resistances around 13.41, 13.50, 13.59, 13.65, 13.77, 13.85, 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 13.28 will drag the parity down towards key supports at 13.17, 12.95, 12.70, 12.48, 12.30, 12.22 and 12.14 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 Feb repo rate stays flat at 7.00 % (forecast 7.00 %) vs previous 7.00 %.
   
• South Africa’s Feb prime rate stays flat at 10.50 % vs previous 10.50 %.

We prefer to take long position in USD/ZAR around 13.35, stop loss at 13.18 and target of 13.65/13.77.