- 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.