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FxWirePro: USD/ZAR breaks key resistance at 15.40 mark, stay bullish

  • USD/ZAR is currently trading around 15.40 levels.
  • It made intraday high at 15.46 and low at 15.39 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 15.22 marks.
     
  • 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 15.45 will drag the parity down towards key supports at 15.22, 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.
     

We prefer to take long position on USD/ZAR around 15.40, stop loss at 15.22 and target of 15.92.

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