FxWirePro: South African Rand Erases Previous Loss Against US Dollar, Down Side Limited
- USD/ZAR is currently trading around 15.5382 levels.
- It made intraday high at 15.6421 and low at 15.5203 levels.
- Intraday bias remains slightly bearish for the moment but down side is limited as 20D, 30D and 55D EMA heads up and confirms bullish trend.
- A daily close below 15.4908 will drag the parity down towards key support at 14.9771 (20D, 30D and 55D EMA crossover) levels.
- Alternatively, reversal from key support will take the parity higher towards key resistances around 15.86(February 29, 2016 high) and 16.15 marks respectively.
We prefer to take long position in USD/ZAR around 15.52, stop loss 15.37 and target 15.98/ 16.15 marks.