FxWirePro: USD/ZAR remains well supported above 13.45 mark, upside limited
USD/ZAR is currently trading around 13.49 levels. It made intraday high at 13.52 and low at 13.45 levels. Intraday bias remains bearish till the time pair holds key resistance at 14.77 marks. A daily close above 13.77 wi…
It made intraday high at 13.52 and low at 13.45 levels.
Intraday bias remains bearish till the time pair holds key resistance at 14.77 marks.
A daily close above 13.77 will take the parity higher towards key resistances around 13.95, 14.08, 14.15, 14.50, 14.75, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
Alternatively, a daily close below 13.45 will drag the parity down towards key supports at 13.31, 13.19, 13.01, 12.82 and 12.58 levels respectively.
South Africa will release gold production as well as mining production data at 0930 GMT.
We prefer to take short position in USD/ZAR around 13.50, stop loss at 13.77 and target of 13.31/13.19.
