- USD/ZAR is currently trading around 14.30 levels.
- It made intraday high at 14.41 and low at 14.28 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.62 marks.
- A daily close above 14.62 will take the parity higher towards key resistances around 14.75, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
- Alternatively, a daily close below 14.17 will drag the parity down towards key supports at 13.91 and 13.68 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend.
We prefer to take short position in USD/ZAR around 14.35, stop loss 14.62 and target 14.17/ 13.68 marks.
