- South Africa’s rand plunged to 11-day lows against the dollar on Friday, and is likely to remain under pressure ahead of NFP data
- Rand under pressure from weak domestic growth and a general lack of appetite for risky emerging markets as investors anticipate higher U.S. rates
- USD/ZAR hit a day’s high of 13.7367, its highest since Aug 24, has pared some gains to currently trade at 13.6258
- Momentum remains positive, 10 & 30-DMAs are positive aligned, reinforcing the bullish bias
- USD/ZAR is currently trading at 13.6157, with immediate resistance at 13.6625 (session high Sept 4) and support at 13.5695 (Session Low Sep 4)
Resistance Levels:R1: 13.6625 (session high Sept 4) R2: 13.7460 (2015 High Sep 4)R3: 14.0000 (Psychological Level)Support Levels:S1: 13.5695 (Session Low Sep 4)S2: 13.3930 (Daily Low Sep 3)S3: 13.3900 (Daily Low Sep 2)
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