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FxWirePro: USD/ZAR hovers around 14.00 mark, South Africa’s interest rate decision in focus

  • USD/ZAR is currently trading around 13.99 levels.
  • It made intraday high at 14.02 and low at 13.96 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 13.90 marks.
     
  • A daily close above 14.02 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 13.90 will drag the parity down towards key supports at 13.78, 13.50 and 13.26 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 will release interest rate decision at 1300 GMT.

We prefer to take long position on USD/ZAR only above 14.02, stop loss at 13.90 and target of 14.22/14.40.

By Aarti Panchal
  • Market Data
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