• FxWirePro: South African Rand erases previous loss against U.S. Dollar, short term trend reversal likely

    Источник: FxWire Pro - Technicals / 07 апр 2020 04:37:05   America/New_York

    • USD/ZAR is currently trading around 18.35 levels.
    • It made intraday high at 18.71 and low at 18.32 levels.
       
    • Intraday bias remains slightly bearish till the time pair holds key resistance at 18.64 mark.
       
    • A daily close above 18.64 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 18.64 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. Current downside movement is short term trend correction only.

    We prefer to take short position on USD/ZAR around 18.40, stop loss at 18.72 and target of 18.10/17.90.

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