FxWirePro: USD/ZAR off from 14-year highs, uptrend intact
Thursday, August 6, 2015 12:38 PM UTC
- Rand opens slightly stronger this morning at 12.77 but further losses in store
- USD/ZAR backs off 14-year highs by 12.8300 reached yesterday, currently trades at 12.77
- ZAR is poised for further losses as market awaits tomorrow's U.S. non-farm payrolls data
- Technicals support further upside, Tenkan and kijun lines are positively aligned, highlighting the bullish bias
- Break above 12.9000 (Psychological level) will propell the pair to fresh highs by 13.0, weakness only below 12.68 (Trendline support)
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