- USD/ZAR is currently trading around 14.08 levels.
- It made intraday high at 14.14 and low at 14.05 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 14.22 mark.
- A daily close above 14.22 will take the parity higher towards key resistances around 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.08 will drag the parity down towards key supports at 13.93, 13.78, 13.70 and 13.50 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 correcton only.
We prefer to take short position on USD/ZAR around 14.10, stop loss at 14.22 and target of 13.93.
