FxWirePro: USD/ZAR remains well supported above 14.50 mark, further sideways movement likely
USD/ZAR is currently trading around 14.62 levels. It made intraday high at 14.77 and low at 14.59 levels. Intraday bias remains slightly bearish for the moment. A daily close above 14.76 will take the parity higher towar…
It made intraday high at 14.77 and low at 14.59 levels.
Intraday bias remains slightly bearish for the moment.
A daily close above 14.76 will take the parity higher towards key resistances around 14.94, 15.06, 15.22 and 15.32 marks respectively.
Alternatively, a daily close below 14.76 will drag the parity down towards key supports at 14.50, 14.27, 13.90, 13.82, 13.68 and 13.56 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
South Africa will release gold production as well as mining production data at 0930 GMT.
We prefer to take short position on USD/ZAR only below 14.50, stop loss at 14.80 and target of 14.27.
