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FxWirePro: USD/ZAR breaks  key support at 14.27 mark, stay bearish

  • USD/ZAR is currently trading around 14.25 levels.
  • It made intraday high at 14.33 and low at 14.24 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 14.50 marks.
     
  • A daily close above 14.30 will take the parity higher towards key resistances around 14.50, 14.70, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 14.30 will drag the parity down towards key supports at 14.12, 14.02, 13.78 and 13.50 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 short position on USD/ZAR around 14.30, stop loss at 14.50 and target of 14.02.

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