- USD/ZAR is currently trading around 13.96 levels.
- It made intraday high at 13.96 and low at 13.91 levels.
- Intraday bias remains bullish till the time pair holds key support at 13.82 mark.
- A daily close above 13.93 will take the parity higher towards key resistances around 14.07, 14.27, 14.38 and 14.64 marks respectively.
- Alternatively, a daily close below 13.93 will drag the parity down towards key supports at 13.78, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa willrelease PPI data at 0930 GMT and trade balance data at 1200 GMT.
We prefer to take long position on USD/ZAR around 13.94, stop loss at 13.82 and target of 14.07/14.27.
