FxWirePro: USD/ZAR hovers around 18.00 mark, South Africa’s trade balance data in focus
USD/ZAR is currently trading around 17.94 levels. It made intraday high at 18.03 and low at 17.85 levels. Intraday bias remains neutral till the time pair holds key support at 17.60 mark. A daily close above 17.91 will t…
It made intraday high at 18.03 and low at 17.85 levels.
Intraday bias remains neutral till the time pair holds key support at 17.60 mark.
A daily close above 17.91 will take the parity higher towards key resistances around 18.04, 18.22 and 18.40 marks respectively.
Alternatively, a daily close below 17.83 will drag the parity down towards key supports at 17.30, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Africa will release trade balance data around 1200 GMT.
We prefer to take long position on USD/ZAR around 17.90, stop loss at 17.60 and target of 18.22/18.40.
