- USD/ZAR is currently trading around 17.40 levels.
- It made intraday high at 17.54 and low at 17.03 levels.
- Intraday bias remains bullish till the time pair holds key support at 16.90 mark.
- A daily close above 17.06 will take the parity higher towards key resistances around 17.58, 17.76, 17.87, 18.22 and 18.40 marks respectively.
- Alternatively, a daily close below 17.06 will drag the parity down towards key supports at 16.40, 16.22, 16.00, 15.70, 15.40, 15.25, 15.10, 15.02, 14.94, 14.72 and 14.50 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 interest rate decision around 1300 GMT.
We prefer to take long position on USD/ZAR around 17.35, stop loss at 16.70 and target of 17.76/18.00/18.22.