FXWIREPRO: South African Rand Gains 1 Percent Against US Dollar, Good to Sell on Rallies

FXWIREPRO: South African Rand Gains 1 Percent Against US Dollar, Good to Sell on Rallies

11 April 2016, 11:53
Roberto Jacobs
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FXWIREPRO: South African Rand Gains 1 Percent Against US Dollar, Good to Sell on Rallies

  • Pair is currently trading at 14.81 marks. 
  • It made intraday high at 14.98 and low at 14.75 levels. 
  • Intraday bias remains bearish till the time pair holds key resistance level at 15.05 levels. 
  • Alternatively, current downward trend will drag the parity towards key support level at 14.64/ 14.26 levels.

We prefer to take short position in USD/ZAR around 14.87, stop loss 15.05 and target 14.64/ 14.26 levels thereafter.

The material has been provided by InstaForex Company - www.instaforex.com



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