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FxWirePro: USD/ZAR remains well supported above 13.40 mark, faces strong resistance at 13.58 mark

  • USD/ZAR is currently trading around 13.55 levels.
  • It made intraday high at 13.56 and low at 13.48 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 13.40 mark.
     
  • A daily close above 13.51 will take the parity higher towards key resistances around 13.58, 13.70,  13.82, 13.94, 14.11, 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
     
  • Alternatively, a daily close below 13.51 will drag the parity down towards key supports at 13.40, 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.
     
  • South Africa Nov 2017 net gold & forex reserves increase to 42.689 usd (forecast 42.7 usd) vs previous 42.486 usd.
     
  • South Africa Nov 2017 gross gold & forex reserves increase to 50.297 usd (forecast 48.835 usd) vs previous 48.903 usd.

We prefer to take long position on USD/ZAR only above 13.58, stop loss 13.40 and target of 13.80/13.94  mark.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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