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FxWirePro: South African rand rises against U.S. dollar, good to sell on rallies

  • USD/ZAR is currently trading around 13.93 levels.
  • It made intraday high at 13.97 and low at 13.92 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 14.02 marks.
     
  • A daily close above 13.92 will take the parity higher towards key resistances around 14.02, 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 13.92 will drag the parity down towards key supports at 13.78, 13.50 and 13.26 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/ZAR around 13.95, stop loss at 14.06 and target of 13.78/13.50.

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