- USD/ZAR is currently trading around 13.94 levels.
- It made intraday high at 13.99 and low at 13.92 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.02 marks.
- A daily close above 13.97 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 13.97 will drag the parity down towards key supports at 13.94, 13.78, 13.50 and 13.26 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa will release manufacturing production data around 1100 GMT.
We prefer to take short position on USD/ZAR around 14.00, stop loss at 14.27 and target of 13.78/13.50.
