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South African rand falls after lower than expected GDP data

Tuesday, March 1, 2016 10:43 AM UTC

USD/ZAR is currently trading around 15.74 levels.
It made intraday high at 15.88 and low at 15.63 levels.
Today South Africa released GDP data with negative numbers at 0.6% Q/Q vs 0.7% previous release.
In addition year on year GDP falls at 0.6% vs 1.0% previous release.
Intraday bias remains bearish till the time pair holds key resistance level at 16.30.
On the other side, key support levels falls at 15.05 levels.
A break of key support will take the parity towards 14.44 levels.

We prefer to take short position in USD/ZAR around 15.80, stop loss 16.30 and target 15.35/15.05 levels.

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South African rand falls after lower than expected GDP data

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