- USD/ZAR is currently trading around 14.59 levels.
- It made intraday high at 14.60 and low at 14.56 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.75 levels.
- A daily close below 14.56 will drag the parity down towards key supports at 14.33, 13.96, 13.88, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
- On the other side, a daily close above 14.75 will take the parity higher towards key resistances around 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to go short on USD/ZAR around 14.60, stop loss at 14.75 and target of 14.33/13.96.