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FxWirePro: USD/ZAR back below 14.00 mark, faces immediate support at 13.90 mark

  • USD/ZAR is currently trading around 13.98 levels.
  • It made intraday high at 14.06 and low at 13.95 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 13.90 mark.
     
  • A daily close above 13.90 will take the parity higher towards key resistances around 14.22, 14.40, 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
     
  • Alternatively, a daily close below 13.90 will drag the parity down towards key supports at 13.77, 13.68 and 13.56 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/ZAR only below 13.95, stop loss at 14.10 and target of 13.68.

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