FxWirePro: USD/ZAR hovers around 14.00 mark, South Africa’s interest rate decision in focus
USD/ZAR is currently trading around 13.99 levels. It made intraday high at 14.02 and low at 13.96 levels. Intraday bias remains bullish till the time pair holds key support at 13.90 marks. A daily close above 14.02 will …
It made intraday high at 14.02 and low at 13.96 levels.
Intraday bias remains bullish till the time pair holds key support at 13.90 marks.
A daily close above 14.02 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 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, 13.50 and 13.26 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 will release interest rate decision at 1300 GMT.
We prefer to take long position on USD/ZAR only above 14.02, stop loss at 13.90 and target of 14.22/14.40.
