FXWIREPRO: South African Rand Hits Fresh 3-Month High Against US Dollar, Good to Sell on Rallies
30 March 2016, 11:35
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FXWIREPRO: South African Rand Hits Fresh 3-Month High Against US Dollar, Good to Sell on Rallies
- USD/ZAR is currently trading around 14.9240.
- It made intraday high at 15.22 and low at 14.89 levels.
- South Africa's rand breaks through 15.0000 marks for first time since late December after Yellen's dovish comments.
- Intraday bias remains bearish for the moment.
- A daily close below 14.83 will drag the parity down towards key supports at 14.53/14.31 levels.
- Alternatively, reversal from key support levels will take the parity up to test key resistances at 15.22/15.42/15.92 levels.
We prefer to take short position in USD/ZAR around 15.00, stop loss 15.22 and target 14.53 levels.
The material has been provided by InstaForex Company - www.instaforex.com
