- USD/ZAR is currently trading around 14.14 levels.
- It made intraday high at 14.15 and low at 14.11 levels.
- Intraday bias remains neutral till the time pair holds key resistance 14.27 mark.
- A daily close above 14.12 will take the parity higher towards key resistances around 14.27, 14.38 and 14.64 marks respectively.
- Alternatively, a daily close below 14.12 will drag the parity down towards key supports at 13.90, 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. Current upside movement is short term trend correcton only.
We prefer to take long position on USD/ZAR around 14.11, stop loss at 13.90 and target of 14.38.