- USD/ZAR is currently trading around 15.18 levels.
- It made intraday high at 15.28 and low at 15.16 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 15.42 marks.
- A daily close above 15.42 will take the parity higher towards key resistances around 15.48, 15.87 and 16.10 marks respectively.
- Alternatively, a daily close below 15.27 will drag the parity down towards key supports at 15.02, 14.94, 14.70, 14.57, 14.27, 14.02, 13.90 and 13.83 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 on USD/ZAR around 15.20, stop loss at 15.40 and target of 15.02/14.94.