FxWirePro: USD/ZAR trades in narrow range, further upside movement likely

• USD/ZAR is currently trading around 14.08 levels.

• It made intraday high at 14.08 and low at 14.01 levels.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above 14.03 will take the parity higher towards key resistances around 14.17, 14.40, 14.50 and 14.78 marks respectively.
   
• Alternatively, a daily close below 14.03 will drag the parity down towards key supports at 13.94, 13.72, 13.53, 13.40, 13.18 and 13.01 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• South Africa Nov 2018 gross $gold & forex reserves increase to 50.672 usd vs previous 50.166 usd.
   
• South |Africa Nov 2018 net $gold & forex reserves increase to 42.577 usd vs previous 42.194 usd.

We prefer to take long position on USD/ZAR around 14.06, stop loss at 13.92 and target of 14.22/14.40.