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FxWirePro: South African rand trades almost flat against U.S. dollar, bias remains neutral

  • USD/ZAR is currently trading around 13.84 levels.
  • It made intraday high at 13.86 and low at 13.79 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above 13.94 will take the parity higher towards key resistances around 14.02, 14.12, 14.32, 14.50, 14.78 and 14.99 marks respectively.
     
  • Alternatively, a daily close below 13.84 will drag the parity down towards key supports at 13.68, 13.53, 13.26 and 13.07 levels 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 take short position on USD/ZAR around 13.90, stop loss at 14.02 and target of 13.68.

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