FxWirePro: USD/ZAR moves in stiff boundaries, South Africa’s manufacturing production data in focus
USD/ZAR is currently trading around 13.37 levels. It made intraday high at 13.45 and low at 13.36 levels. Intraday bias remains neutral till the time pair holds key resistance at 13.50 marks. A daily close above 13.50 wi…
It made intraday high at 13.45 and low at 13.36 levels.
Intraday bias remains neutral till the time pair holds key resistance at 13.50 marks.
A daily close above 13.50 will take the parity higher towards key resistances around 13.57, 13.70, 13.94, 14.12, 14.28 and 14.57 marks respectively.
Alternatively, a daily close below 13.30 will drag the parity down towards key supports at 13.22, 13.10, 12.99, 12.70, 12.51 and 12.40 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 July 2018 net $ gold & forex reserves decrease to 42.44 usd vs previous 42.447 usd.
South Africa July 2018 gross $ gold & forex reserves decrease to 50.511 usd vs previous 50.582 usd.
South Africa will release manufacturing production data at 1100 GMT.
We prefer to take long position on USD/ZAR only above 13.50, stop loss 13.22 and target of 13.70/13.94.
