- USD/ZAR is currently trading around 14.03 levels.
- It made intraday high at 14.09 and low at 14.01 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.22 mark.
- A daily close above 14.06 will take the parity higher towards key resistances around 14.22, 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.06 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.
- South Afrcai will release business confidence index data around 0930 GMT.
We prefer to take short position on USD/ZAR around 14.06, stop loss at 14.22 and target of 13.93/13.78.
