FxWirePro: USD/ZAR hits fresh 4-week high on news that S.Africa’s finance minister Gordhan summoned

• USD/ZAR is currently trading around 14.32 levels.

• It made intraday high at 14.37 and low at 14.28 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 14.00 marks. 
   
• A daily close above 14.35 will take the parity higher towards key resistances around 14.52, 14.68, 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 14.00 will drag the parity down towards key supports at 13.70, 13.57, 13.37, 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 August manufacturing production index y/y increases to 2.2 % (forecast 1.30 %) vs previous 0.40 %.
   
• South Africa’s August manufacturing production m/m increases to -1 % (forecast 0.6 %) vs previous -1.5 %.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.