• FxWirePro: USD/ZAR hits fresh record high to 18.77 as South africa’s standard bank PMI data misses expectations

    Source: FxWire Pro - Technicals / 05 Apr 2020 11:03:16   America/New_York

    • USD/ZAR is currently trading around 18.65 levels.
    • It made intraday high at 18.77 and low at 18.44 levels.
       
    • Intraday bias remains bullish till the time pair holds key support at 18.45 mark.
       
    • A daily close above 18.45 will take the parity higher towards key resistances around 18.90, 19.02, 19.28 and 19.54 marks respectively.
       
    • Alternatively, a daily close below 18.45 will drag the parity down towards key supports at 18.07, 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’s standard bank PMI stands at 44.5 vs 48.4 previous release.

    We prefer to take long position on USD/ZAR around 18.60, stop loss at 18.40 and target of 19.02/19.28.

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