FxWirePro: South African Rand trades marginally lower against U.S. Dollar, short term trend reversal likely
Source: FxWire Pro - Technicals / 12 Dec 2017 03:06:37 Eastern Standard Time
- USD/ZAR is currently trading around 13.62 levels.
- It made intraday high at 13.64 and low at 13.56 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 13.56 mark.
- A daily close above 13.58 will take the parity higher towards key resistances around 13.75, 13.82, 13.94, 14.11, 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
- Alternatively, a daily close below 13.58 will drag the parity down towards key supports at 13.48, 13.40, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position on USD/ZAR only above 13.68, stop loss 13.48 and target of 13.82 mark.
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