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FxWirePro: USD/ZAR hovers around 14.00 mark, further sideways movement likely

  • USD/ZAR is currently trading around 14.04 levels.
  • It made intraday high at 14.06 and low at 13.96 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 13.90 mark.
     
  • A daily close above 14.02 will take the parity higher towards key resistances around 14.10, 14.22, 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 13.90 will drag the parity down towards key supports at 13.78, 13.70 and 13.50 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.


We prefer to take long position on USD/ZAR only above 14.10, stop loss at 13.90 and target of 14.22/14.32.

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