Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: South African rand erases previous loss against U.S. dollar, good to sell on rallies

  • USD/ZAR is currently trading around 13.18 levels.
  • It made intraday high at 13.29 and low at 13.18 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 13.27 mark.
     
  • A daily close above 13.27 will take the parity higher towards key resistances around 13.40, 13.51, 13.40, 13.62, 13.70 and 13.90 marks respectively.
     
  • Alternatively, a daily close below 13.27 will drag the parity down towards key supports at 13.10, 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 down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/ZAR around 13.23 mark, stop loss 13.40 and target of 12.96.

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

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.