FxWirePro: USD/ZAR trades in narrow range, South Africa’s business confidence data in focus
USD/ZAR is currently trading around 15.09 levels. It made intraday high at 15.10 and low at 15.02 levels. Intraday bias remains neutral till the time pair holds key support at 15.02 mark. A daily close above 15.02 will t…
It made intraday high at 15.10 and low at 15.02 levels.
Intraday bias remains neutral till the time pair holds key support at 15.02 mark.
A daily close above 15.02 will take the parity higher towards key resistances around 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
Alternatively, a daily close below 15.02 will drag the parity down towards key supports at 14.94, 14.72, 14.55, 14.40, 14.22 and 14.05 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 business confidence data around 0930 GMT.
We prefer to take long position on USD/ZAR around 15.05, stop loss at 14.94 and target of 15.40.
