- Rand stumbles as data showed South Africa’s business confidence fell to a new 16-year low
- South Africa’s rand fell 1 percent against the dollar on Thursday, the weakest performance in a basket of 25 emerging market currencies
- USD/ZAR hit week highs of 13.6184 on the day, and has eased slightly since to currently trade at 13.6140
- Daily momentum remains positive, 10-day and 30-day moving averages are positive aligned, reinforcing the bullish bias
Recommendation: Good to buy USD/ZAR dips around 13.5880, SL: 13.5060, TP: 13.7000 Resistance Levels:R1: 13.7000 (2015 High Aug 24)R2: 14.0000 (Psychological Level)R3: 14.5000 (Psychological level)Support Levels:S1: 13.3930 (Session Low Sep 3)S2: 13.3900 (Daily Low Sep 2)S3: 13.2650 (10-Day MA)
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