13/09/2016
South African rand weakens against U.S. dollar, faces strong resistance at 14.75
Monday, September 12, 2016 6:41 AMIncrease text sizeDecrease text size
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USD/ZAR is currently trading around 14.45 levels.
It made intraday high at 14.46 and low at 14.36 levels.
Intraday bias remains bullish till the time pair holds major support at 14.27 levels.
A daily close above 14.50 will take the parity higher towards key resistances around 14.68, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
Alternatively, a daily close below 14.37 will drag the parity down towards key supports at 14.17, 13.90, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 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.
We prefer to go long on USD/ZAR only above 14.46, stop loss at 14.17 and target of 14.68/14.96.