- USD/ZAR is currently trading around 14.76 levels.
- It made intraday high at 14.81 and low at 14.75 levels.
- Intraday bias remains neutral till the time pair holds key support at 14.70 mark.
- A daily close above 14.88 will take the parity higher towards key resistances around 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.79 will drag the parity down towards key supports at 14.70, 14.57 and 14.05 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR only below 14.70, stop loss at 14.94 and target of 14.57/14.27//14.05.