- USD/ZAR is currently trading around 14.01 levels.
- It made intraday high at 14.03 and low at 13.93 levels.
- Intraday bias remains slightly bullish till the time pair holds major support at 13.90 levels.
- A daily close below 13.90 will drag the parity down towards key supports at 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
- On the other side, a daily close above 14.17 will take the parity higher towards key resistances around 14.32, 14.68, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to go long on USD/ZAR around 14.00, stop loss at 13.90 and target of 14.17/14.32.
