- USD/ZAR is currently trading around 14.35 levels.
- It made intraday high at 14.41 and low at 14.30 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 14.40 mark.
- A daily close above 14.52 will take the parity higher towards key resistances around 14.75, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.29 will drag the parity down towards key supports at 14.22, 14.12, 14.02, 13.87, 13.78, 13.70 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.
- South Africa will release manufacturing production data around 1000 GMT.
- South Africa April 2019 net $gold & forex reserves decrease to 43.245 usd vs previous 43.266 usd.
- South Africa April 2019 gross $gold & forex reserves decrease to 49.538 usd vs previous 49.679 usd.
We prefer to take long position on USD/ZAR only above 14.40, stop loss at 14.22 and target of 14.75/14.94.
