• FxWirePro: South African Rand rises gradually against U.S. Dollar, stay bearish

    Source: FxWire Pro - Technicals / 16 Jul 2018 05:23:47   America/New_York

    • USD/ZAR is currently trading around 13.23 levels.
    • It made intraday high at 13.27 and low at 13.20 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 13.50 marks.
       
    • A daily close above 13.24 will take the parity higher towards key resistances around 13.50, 13.70, 13.94, 14.12, 14.28 and 14.57 marks respectively.
       
    • Alternatively, a daily close below 13.24 will drag the parity down towards key supports at 13.16, 12.99, 12.70, 12.51 and 12.40 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 short position on USD/ZAR around 13.25, stop loss 13.40 and target of 12.99.

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