- USD/ZAR is currently trading around 14.90 levels.
- It made intraday high at 15.01 and low at 14.88 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 15.02 mark.
- A daily close above 15.02 will take the parity higher towards key resistances around 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.98 will drag the parity down towards key supports at 14.74, 14.50, 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa will release manufacturing PMI data around 0900 GMT.
We prefer to take long position on USD/ZAR only above 15.02, stop loss at 14.70 and target of 15.22/15.40.
