- USD/ZAR is currently trading around 14.66 levels.
- It made intraday high at 14.67 and low at 14.66 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.70 mark.
- A daily close above 14.64 will take the parity higher towards key resistances around 14.70, 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.54 will drag the parity down towards key supports at 14.40, 14.22, 14.15 and 13.83 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa will release manufacturing production data around 1100 GMT.
We prefer to take long position on USD/ZAR only above 14.70, stop loss at 14.47 and target of 14.94.