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FxWirePro: USD/ZAR rejects key resistance at 13.58 mark, intraday bias remains bearish

  • USD/ZAR is currently trading around 13.32 levels.
  • It made intraday high at 13.42 and low at 13.31 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 13.58 marks.     
      
  • A daily close above 13.42 will take the parity higher towards key resistances around 13.48, 13.58, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
     
  • Alternatively, a daily close below 13.42 will drag the parity down towards key supports at 13.15, 13.03, 12.95, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 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 short position in USD/ZAR around 13.35, stop loss at 13.50 and target of 13.03.

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