- USD/ZAR is currently trading around 14.97 levels.
- It made intraday high at 15.00 and low at 14.87 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.70 mark.
- A daily close above 14.91 will take the parity higher towards key resistances around 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.91 will drag the parity down towards key supports at 14.72, 14.50, 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa’s foreign reserves stands at 54.61B USD vs 55.06B USD previous release (expected 55.13B USD).
- South Africa’s net FX reserves stands at 45.147B USD vs 44.897B USD previous release.
We prefer to take long position on USD/ZAR around 14.95, stop loss at 14.82 and target of 15.22/15.40.
