- USD/ZAR is currently trading around 15.05 levels.
- It made intraday high at 15.07 and low at 14.82 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.70 mark.
- A daily close above 14.83 will take the parity higher towards key resistances around 14.90, 15.18, 15.44, 15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 14.83 will drag the parity down towards key supports at 14.70, 14.52, 14.30, 14.05, 13.65, 13.50 and 13.40 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa will release GDP data at 0930 GMT.
We prefer to take long position on USD/ZAR around 15.00, stop loss at 14.70 and target of 15.44.
