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.© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.