FxWirePro: USD/ZAR remains well supported above 14.00 mark, downside limited

• USD/ZAR is currently trading around 14.14 levels.

• It made intraday high at 14.15 and low at 14.08 levels.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above 14.08 will take the parity higher towards key resistances around 14.23, 14.32, 14.49, 14.68 and 14.77 marks respectively.
   
• Alternatively, a daily close below 14.08 will drag the parity down towards key supports at 13.96, 13.70, 13.46, 13.38, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 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 Oct net $gold & forex reserves decrease to 42.486 bln usd (forecast 42.500 bln usd) vs previous 42.651 bln usd.
   
• South Africa Oct gross $gold & forex reserves decrease to 48.903 bln usd (forecast 49.212 bln usd) vs previous 49.384 bln usd.

We prefer to take long position on USD/ZAR around 14.10, stop loss 13.90 and target of 14.49 mark.

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