Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: South African rand strengthens against U.S. dollar, hits highest level since May 13

  • USD/ZAR is currently trading around 14.17 levels.
  • It made intraday high at 14.26 and low at 14.16 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 14.40 marks.
     
  • A daily close above 14.40 will take the parity higher towards key resistances around 14.50, 14.70, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 14.21 will drag the parity down towards key supports at 14.12, 14.02, 13.78 and 13.50 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take short position on USD/ZAR around 14.22, stop loss at 14.40 and target of 14.02/13.78.

By Aarti Panchal
  • Market Data
Close

Welcome to EconoTimes

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