- USD/ZAR is currently trading around 13.75 levels.
- It made intraday high at 13.81 and low at 13.74 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance 13.80 mark.
- A daily close above 13.80 will take the parity higher towards key resistances around 13.94 , 14.02, 14.15 and 14.38 marks respectively.
- Alternatively, a daily close below 13.80 will drag the parity down towards key supports at 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels 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.
- South Africa will release employment data at 0930 GMT.
We prefer to take long position on USD/ZAR only above 13.84, stop loss at 13.65 and target of 14.15.