FxWirePro: South African rand hits fresh weekly low on political uncertainties

• USD/ZAR is currently trading around 13.01 levels.

• It made intraday high at 13.10 and low at 12.69 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 12.30 marks.     
   
• A daily close above 12.75 will take the parity higher towards key resistances around 13.20, 13.33, 13.50, 13.59, 13.65, 13.77, 13.85, 13.96, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
   
• Alternatively, a daily close below 12.75 will drag the parity down towards key supports at 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. Current upside movement is short term trend correction only.
   
• South Africa's finance minister Gordhan and treasury team called back home by president Zuma from international road show.
   
• No specific reason given for recall.
   
• South Africa's Da says summoning Gordhan back home is a major setback for the economy.
   
• South Africa's finance minister Gordhan says was not planning to do U.S. leg of road show anyway.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.