FxWirePro: USD/ZAR trades in narrow range, South Africa’s retail sales data in focus
USD/ZAR is currently trading around 18.80 levels. It made intraday high at 18.87 and low at 18.59 levels. Intraday bias remains neutral till the time pair holds key resistance at 18.86 mark. A daily close above 18.86 wil…
It made intraday high at 18.87 and low at 18.59 levels.
Intraday bias remains neutral till the time pair holds key resistance at 18.86 mark.
A daily close above 18.86 will the parity higher towards key resistances around 19.02, 19.28 and 19.54 marks respectively.
Alternatively, a daily close below 18.68 will drag the parity down towards key supports at 18.40, 18.02, 17.91, 17.70, 17.30 and 17.02 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 retail sales data around 1100 GMT.
We prefer to take long position on USD/ZAR only above 18.87, stop loss at 18.50 and target of 19.10/19.28.
