- USD/ZAR is currently trading around 13.72 levels.
- It made intraday high at 13.77 and low at 13.70 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance 13.80 mark.
- A daily close above 13.80 will take the parity higher towards key resistances around 13.94 , 14.02, 14.15 and 14.38 marks respectively.
- Alternatively, a daily close below 13.70 will drag the parity down towards key supports at 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 will release retail sales data at 1100 GMT.
We prefer to take short position on USD/ZAR only below 13.70, stop loss at 13.85 and target of 13.50/13.36.
