- USD/ZAR is currently trading around 15.23 levels.
- It made intraday high at 15.34 and low at 15.23 levels.
- Intraday bias remains bearish till the time pair hold key resistance at 15.40 mark.
- A daily close above 15.46 will take the parity higher towards key resistances around 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 15.12 will drag the parity down towards key supports at 15.02, 14.94, 14.70 and 14.57 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 15.26, stop loss at 15.40 and target of 15.02/14.94.
