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- USD/ZAR is currently trading around 13.41 levels.
- It made intraday high at 13.45 and low at 13.34 levels.
- Intraday bias remains bullish till the time pair holds key support at 13.15 mark.
- A daily close above 13.38 will take the parity higher towards key resistances around 13.58, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
- Alternatively, a daily close below 13.38 will drag the parity down towards key supports at 13.15, 13.01, 12.95, 12.82, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- South Africa will release business confidence index at 0930 GMT.
We prefer to take long position in USD/ZAR around 13.38, stop loss at 13.15 and target of 13.70.
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