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FxWirePro: USD/ZAR remains well supported above 13.70 mark, consistent close below requires for downside rally

  • USD/ZAR is currently trading around 13.78 levels.
  • It made intraday high at 13.78 and low at 13.73 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 13.73 mark.
     
  • A daily close above 13.73 will take the parity higher towards key resistances around 13.94, 14.02, 14.12, 14.32, 14.50, 14.78 and 14.99 marks respectively.
     
  • Alternatively, a daily close below 13.73 will drag the parity down towards key supports at 13.68, 13.53, 13.26 and 13.07 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • South Africa will release gold production as well as mining production data at 0930 GMT.

We prefer to take short position on USD/ZAR only below 13.73, stop loss at 14.02 and target of 13.53/13.26.

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July 2 15:00 UTC Released

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451.7 Stale

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50 %

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48.6 %

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-1541 %

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January 22 19:00 UTC 832762832762m

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-1541 %

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 820942820942m

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2016 bln ARS

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Bln AR bln ARS

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