- USD/ZAR is currently trading around 13.66 levels.
- It made intraday high at 13.72 and low at 13.65 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 13.67 will take the parity higher towards key resistances around 13.85, 13.99, 14.12, 14.28 and 14.57 marks respectively.
- Alternatively, a daily close below 13.67 will drag the parity down towards key supports at 13.50, 13.38, 13.22, 13.16, 12.99, 12.70, 12.51 and 12.40 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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.