- USD/ZAR is currently trading around 14.40 levels.
- It made intraday high at 14.41 and low at 14.37 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 14.40 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 14.30 will drag the parity down towards key supports at 14.15, 14.02, 13.83, 13.65 and 13.47 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 around 14.40, stop loss at 14.50 and target of 14.15/14.02.