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FxWirePro: USD/ZAR consolidates around 13.65 mark, South Africa’s current account data in focus

  • USD/ZAR is currently trading around 13.70 levels.
  • It made intraday high at 13.74 and low at 13.61 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 13.50 mark.
     
  • A daily close above 13.74 will take the parity higher towards key resistances around 13.91, 14.01, 14.28 and 14.57 marks respectively.
     
  • Alternatively, a daily close below 13.65 will drag the parity down towards key supports at 13.50, 13.39, 13.16, 12.99, 12.70, 12.51 and 12.40 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 will release current account data at 0800 GMT.

We prefer to take short position on USD/ZAR only below 13.55, stop loss 13.80 and target of 13.16.

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