FxWirePro: USD/ZAR hits fresh 2-month low at 13.87 mark, South Africa’s manufacturing production data in focus
USD/ZAR is currently trading around 13.92 levels. It made intraday high at 13.93 and low at 13.87 levels. Intraday bias remains bearish till the time pair holds key resistance at 14.02 mark. A daily close above 13.90 wil…
It made intraday high at 13.93 and low at 13.87 levels.
Intraday bias remains bearish till the time pair holds key resistance at 14.02 mark.
A daily close above 13.90 will take the parity higher towards key resistances around 14.02, 14.22, 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
Alternatively, a daily close below 13.90 will drag the parity down towards key supports at 13.78, 13.70 and 13.50 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Afrcai will release manufacturing production data around 1100 GMT.
We prefer to take short position on USD/ZAR only below 13.87, stop loss at 14.02 and target of 13.50.
