FxWirePro: USD/ZAR touches 16.46 mark, South Africa’s manufacturing production data in focus

• USD/ZAR is currently trading around 16.36 levels.

• It made intraday high at 16.46 and low at 16.18 levels.
   
• Intraday bias remains bullish till the time pair holds key resistance at 16.10 mark.
   
• A daily close above 16.19 will take the parity higher towards key resistances around 16.48, 16.95, 17.34, 17.58 and 17.88 marks respectively.
   
• Alternatively, a daily close below 15.94 will drag the parity down towards key supports at 15.70, 15.40, 15.25, 15.10, 15.02, 14.94, 14.72 and 14.50 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 manufacturing production data around 1100 GMT.

We prefer to take long position on USD/ZAR around 16.30, stop loss at 16.10 and target of 16.95.