FxWirePro: USD/ZAR trades in narrow range, bias remains neutral
USD/ZAR is currently trading around 14.08 levels. It made intraday high at 14.13 and low at 14.07 levels. Intraday bias remains neutral for the moment. A daily close above 14.09 will take the parity higher towards key re…
It made intraday high at 14.13 and low at 14.07 levels.
Intraday bias remains neutral for the moment.
A daily close above 14.09 will take the parity higher towards key resistances around 14.20, 14.32, 14.49, 14.68 and 14.77 marks respectively.
Alternatively, a daily close below 14.09 will drag the parity down towards key supports at 13.98, 13.70, 13.46, 13.38, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
South Africa Sep M3 money supply y/y increase to 6.72 % (forecast 6.38 %) vs previous 6.48 %.
South Africa Sep private sector credit extension decrease to 5.59 % (forecast 5.19 %) vs previous 5.98 %.
We prefer to take long position on USD/ZAR only above 14.15, stop loss 13.98 and target of 14.35/14.68.
