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FxWirePro: South African rand trades flat at 14.80 mark, faces immediate resistance at 14.99 mark

  • USD/ZAR is currently trading around 14.80 levels.
  • It made intraday high at 14.81 and low at 14.77 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 14.99 marks.
     
  • A daily close above 14.99 will take the parity higher towards key resistances around 15.12, 15.26, 15.48 and 15.76 marks respectively.
     
  • Alternatively, a daily close below 14.80 will drag the parity down towards key supports at 14.62, 14.40, 14.22, 14.12, 14.02, 13.87, 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.

We prefer to take short position on USD/ZAR only below 14.70, stop loss at 14.85 and target of 14.40/14.22.

By Aarti Panchal
  • Market Data
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