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FxWirePro: South African rand erases previous gain against US dollar, good to buy on dips

  • Pair is currently trading at 14.66 marks.
     
  • It made intraday high at 14.66 and low at 14.50 levels.
     
  • Intraday bias remains bullish till the time pair holds key support level at 14.50 levels.
     
  • A sustained break below it likely to test key support levels at 14.26/13.91 levels.
     
  • On the other side, reversal from 14.50 will take the parity higher towards 14.64/14.92/ 15.16 marks respectively.

We prefer to take long position in USD/ZAR around 14.72, stop loss 14.64 and target 15.05/15.25 levels.

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