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2017.05.3102:27:00UTC+00Fxwirepro: South African Rand falls Gradually Against U.s. Dollar, Bias Remains Neutral

  • USD/ZAR is currently trading around 13.10 levels.
  • It made intraday high at 13.12 and low at 13.08 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above 13.10 will take the parity higher towards key resistances around 13.16, 13.31, 13.42, 13.58, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
     
  • Alternatively, a daily close below 13.10 will drag the parity down towards key supports at 12.96, 12.83, 12.67, 12.48, 12.30, 12.22 and 12.14 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.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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