- USD/ZAR is currently trading around 15.56 levels.
- It made intraday high at 15.64 and low at 15.46 levels.
- Intraday bias remains bullish till the time pair holds key support at 15.22 mark.
- A daily close above 15.48 will take the parity higher towards key resistances around 15.70, 15.92, 16.10 and 16.28 marks respectively.
- Alternatively, a daily close below 15.48 will drag the parity down towards key supports at 15.22, 15.02, 14.94, 14.72 and 14.50 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa will release trade balance data around 1200 GMT.
We prefer to take long position on USD/ZAR around 15.55, stop loss at 15.40 and target of 15.92/16.10.