FxWirePro: USD/ZAR trades in narrow range, South Africa’s business confidence index data in focus
USD/ZAR is currently trading around 14.18 levels. It made intraday high at 14.20 and low at 14.08 levels. Intraday bias remains slightly bullish till the time pair holds immediate support at 14.00 mark. A daily close abo…
It made intraday high at 14.20 and low at 14.08 levels.
Intraday bias remains slightly bullish till the time pair holds immediate support at 14.00 mark.
A daily close above 14.12 will take the parity higher towards key resistances around 14.37, 14.50, 14.70, 14.94, 15.06, 15.22 and 15.32 marks respectively.
Alternatively, a daily close below 14.00 will drag the parity down towards key supports at 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.
South Africa will release business confidence index data at 0930 GMT.
We prefer to take long position on USD/ZAR only above 14.30, stop loss at 14.00 and target of 14.50/14.70.
