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FxWirePro: South African rand trades almost flat ahead of retail sales data

  • USD/ZAR is currently trading around 14.94 levels.
  • It made intraday high at 14.94 and low at 14.88 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 14.94 mark.
     
  • A daily close above 14.94 will take the parity higher towards key resistances around 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
     
  • Alternatively, a daily close below 14.73 will drag the parity down towards key supports at 14.40, 14.50, 14.22, 14.15 and 13.83 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • South Africa will release retail sales data around 1100 GMT.

We prefer to take long position on USD/ZAR around 14.90, stop loss at 14.70 and target of 15.22.

By Aarti Panchal
  • Market Data
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