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FxWirePro: South African rand marginally higher against U.S. dollar, bias remains neutral

  • USD/ZAR is currently trading around 13.72 levels.
  • It made intraday high at 13.77 and low at 13.68 levels.
     
  • Intraday bias remains neutral for the moment.   
     
  • A daily close above 13.73 will take the parity higher towards key resistances around 13.96, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86 (February 29, 2016 high) and 16.15 marks respectively.
     
  • Alternatively, a daily close below 13.73 will drag the parity down towards key supports at 13.57, 13.45, 13.32, 13.19, 13.01, 12.82 and 12.58 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.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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