FxWirePro: South African rand gains sharply against U.S. dollar, intraday bias remains bearish

• USD/ZAR is currently trading around 13.19 levels.

• It made intraday high at 13.26 and low at 13.18 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 13.55 mark.
   
• A daily close above 13.22 will take the parity higher towards key resistances around 13.30, 13.55, 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 13.22 will drag the parity down towards key supports at 13.15, 13.01, 12.95, 12.82, 12.70, 12.48, 12.30, 12.22 and 12.14 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 in USD/ZAR around 13.20, stop loss 13.30 and target of 13.01/12.95/12.82 mark.

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