• FxWirePro: South African Rand trades flat ahead of manufacturing production data

    المصدر: FxWire Pro - Technicals / 10 ديسمبر 2019 01:28:55   America/New_York

    • USD/ZAR is currently trading around 14.66 levels.
    • It made intraday high at 14.67 and low at 14.66 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 14.70 mark.
       
    • A daily close above 14.64 will take the parity higher towards key resistances around 14.70, 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
       
    • Alternatively, a daily close below 14.54 will drag the parity down towards key supports at 14.40, 14.22, 14.15 and 13.83 levels respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
       
    • South Africa will release manufacturing production data around 1100 GMT.

    We prefer to take long position on USD/ZAR only above 14.70, stop loss at 14.47 and target of 14.94.

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