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- USD/ZAR is currently trading around 13.70 levels.
- It made intraday high at 13.80 and low at 13.68 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 13.85 mark.
- A daily close above 13.85 will take the parity higher towards key resistances around 13.99, 14.12, 14.28 and 14.57 marks respectively.
- Alternatively, a daily close below 13.65 will drag the parity down towards key supports at 13.50, 13.38, 13.22, 13.16, 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 May 2018 private sector credit extension increase to 4.56 (forecast4.92).
- South Africa May 2018 M3 money supply yy increase to 5.73 (forecast 6.1 ).
We prefer to take long position on USD/ZAR only above 13.80, stop loss 13.50 and target of 13.99/14.12.
