- 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 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.
