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- South African rand has fallen to 14 year low against USD as china devalues its currency to support a stuttering economy.
- Rand falls 0.6% against dollar to new 14 year low of 12.88 today.
- The step by Chinese central bank to devalue currency has led the rand along with EM currencies to weaken sharply.
- Technically rand has broken major resistance 12.86 (12th Aug high) and jumped till 12.88.
- Any further break above 12.88 will target 12.96/13 in short term.
- Short term trend reversal only below 12.73 and any break below will drag the pair further down till 12.59/12.44.
- Overall trend reversal only below 11.80 level.
It is good to buy at dips around 12.80 with SL around 12.70 for the TP of 12.96/13
