- USD/ZAR is currently trading around 15.18 levels.
- It made intraday high at 15.18 and low at 15.11 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.90 mark.
- A daily close above 15.10 will take the parity higher towards key resistances around 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 15.10 will drag the parity down towards key supports at 14.72, 14.55, 14.40, 14.22 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.
- South Africa will release manufacturing PMI and business confidence data around 1200 GMT.
- SARB’s monetary policy review is also a key event for the country.
We prefer to take long position on USD/ZAR only above 15.22 stop loss at 14.90 and target of 15.40/15.55.
