- USD/ZAR is currently trading around 14.27 levels.
- It made intraday high at 14.31 and low at 14.23 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.10 marks.
- A daily close above 14.26 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 14.26 will drag the parity down towards key supports at 14.10, 13.90, 13.83, 13.70, 13.40 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. Current upside movement is short term trend correction only.
We prefer to take long position on USD/ZAR around 14.28, stop loss at 13.10 and target of 14.40/14.70.
