FxWirePro: USD/ZAR touches 14.91 mark, South Africa’s economic data in focus
USD/ZAR is currently trading around 14.88 levels. It made intraday high at 14.91 and low at 14.72 levels. Intraday bias remains bullish for the movement. A daily close above 14.75 will take the parity higher towards key …
It made intraday high at 14.91 and low at 14.72 levels.
Intraday bias remains bullish for the movement.
A daily close above 14.75 will take the parity higher towards key resistances around 14.94, 15.26 and 15.48 marks respectively.
Alternatively, a daily close below 14.75 will drag the parity down towards key supports at 14.57, 14.27, 14.02, 13.90, 13.83, 13.70, 13.40 and 13.26 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 will release standard bank PMI and business confidence data.
We prefer to take long position on USD/ZAR around 14.85, stop loss at 14.57 and target of 15.26.
