- USD/ZAR is currently trading around 18.06 levels.
- It made intraday high at 18.14 and low at 17.95 levels.
- Intraday bias remains bullish till the time pair holds key support at 17.90 mark.
- A daily close above 17.95 will take the parity higher towards key resistances around 18.15, 18.40, 18.70, 18.90, 19.02, 19.28 and 19.54 marks respectively.
- Alternatively, a daily close below 17.95 will drag the parity down towards key supports at 17.70, 17.30, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 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 18.05, stop loss at 17.90 and target of 18.40.
