FxWirePro: USD/ZAR trades in narrow range, south africa’s business confidence index data in focus
Source: FxWire Pro - Technicals / 07 Mar 2018 02:45:06 Eastern Standard Time
- USD/ZAR is currently trading around 11.82 levels.
- It made intraday high at 11.85 and low at 11.75 levels.
- Intraday bias remains neutral till the time pair holds key support at 11.70 mark.
- A daily close above 11.77 will take the parity higher towards key resistances around 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 11.77 will drag the parity down towards key supports at 11.53, 11.24, 11.08, 10.90 and 10.60 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- South Africa will release business confidence index data at 0930 GMT.
We prefer to take short position on USD/ZAR only below 11.70, stop loss at 11.96 and target of 11.53/11.24.
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