FxWirePro: South African Rand Erases Previous Loss Against US Dollar, Down Side Limited

FxWirePro: South African Rand Erases Previous Loss Against US Dollar, Down Side Limited

23 May 2016, 12:05
Roberto Jacobs
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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.

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