- USD/ZAR is currently trading around 18.37 levels.
- It made intraday high at 18.44 and low at 18.21 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 18.02 mark.
- A daily close above 18.40 will take the parity higher towards key resistances around 18.70, 18.90, 19.02, 19.28 and 19.54 marks respectively.
- Alternatively, a daily close below 18.22 will drag the parity down towards key supports at 18.07, 17.60, 17.30, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 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 business confidence data around 0930 GMT.
We prefer to take long position on USD/ZAR around 18.32, stop loss at 18.02 and target of 18.70.