• FxWirePro: USD/ZAR hits fresh 1 – week low at 17.99 Mark, South africa’s manufacturing production data in focus

    Source: FxWire Pro - Technicals / 12 Apr 2020 09:02:30   America/New_York

    • USD/ZAR is currently trading around 18.00 levels.
    • It made intraday high at 18.27 and low at 17.99 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 18.40 mark.
       
    • A daily close above 18.40 will take the parity higher towards key resistances around 18.70, 18.90, 19.02, 19.28 and 19.54 marks respectively.
       
    • Alternatively, a daily close below 18.02 will drag the parity down towards key supports at 17.85, 17.60, 17.30, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 levels respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
       
    • South Africa will release manufacturing production data around 1100 GMT.

    We prefer to take short position on USD/ZAR around 18.05, stop loss at 18.30 and target of 17.60/17.30.

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