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South Africa's rand weakens more than 1 pct against dollar, buy on dips

  • Pair is currently trading at 15.7113 levels.

  • It made intraday high at 15.7420 and low at 15.5381 levels.

  • Intraday bias remains bullish for the moment.

  • Key support level falls at 15.5221. A break below will take the parity towards 15.0573 marks.

  • Alternatively, current reversal will drag the pair towards initial resistance at 16.2114/16.3093 levels.

We prefer to take long position is USD/ZAR around 15.70, stop loss 15.53 and target 16.95 levels.

 

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