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FxWirePro: USD/ZAR remains well supported above 13.50 mark, bias remains bullish

  • USD/ZAR is currently trading around 13.63 levels.
  • It made intraday high at 13.64 and low at 13.57 levels.
     
  • Intraday bias remains bullish till the time pair holds key support 13.50 mark.
     
  • A daily close above 13.61 will take the parity higher towards key resistances around 13.70, 13.94 , 14.02, 14.15 and 14.38 marks respectively.
     
  • Alternatively, a daily close below 13.57 will drag the parity down towards key supports at 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 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 13.61, stop loss at 13.55 and target of 13.70/13.94.

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