- USD/ZAR is currently trading around 17.51 levels.
- It made intraday high at 17.57 and low at 17.27 levels.
- Intraday bias remains bullish till the time pair holds key support at 17.30 mark.
- A daily close above 17.50 will take the parity higher towards key resistances around 17.83, 18.04, 18.22 and 18.40 marks respectively.
- Alternatively, a daily close below 17.30 will drag the parity down towards key supports at 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 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 around 17.50, stop loss at 17.28 and target of 17.83/17.94.