- USD/ZAR is currently trading around 14.17 levels.
- It made intraday high at 14.26 and low at 14.16 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.40 marks.
- A daily close above 14.40 will take the parity higher towards key resistances around 14.50, 14.70, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.21 will drag the parity down towards key supports at 14.12, 14.02, 13.78 and 13.50 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take short position on USD/ZAR around 14.22, stop loss at 14.40 and target of 14.02/13.78.
By Aarti Panchal