- USD/ZAR is currently trading around 14.56 levels.
- It made intraday high at 14.60 and low at 14.55 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 14.60 mark.
- A daily close above 14.60 will take the parity higher towards key resistances around 14.75, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.60 will drag the parity down towards key supports at 14.50, 14.37, 14.22, 14.02, 13.93, 13.78, 13.70 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.
- South Africa will release trade balance as well as budget balance data around 1200 GMT.
We prefer to take long position on USD/ZAR only above 14.60, stop loss at 14.45 and target of 14.94.
