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FxWirePro: USD/ZAR remains well supported below 14.00 mark, good to sell on rallies

  • USD/ZAR is currently trading around 13.96 levels.
  • It made intraday high at 14.02 and low at 13.96 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 14.02 mark.
     
  • A daily close above 14.02 will take the parity higher towards key resistances around 14.07, 14.27, 14.38 and 14.64 marks respectively.
     
  • Alternatively, a daily close below 14.02 will drag the parity down towards key supports at 13.87, 13.70, 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.

We prefer to take short position on USD/ZAR around 13.98, stop loss at 14.10 and target of 13.70.

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