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FxWirePro: USD/ZAR hovers around 14.00 mark, sustained close below requires for downside rally

  • USD/ZAR is currently trading around 13.99 levels.
  • It made intraday high at 14.05 and low at 13.97 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above 13.99 will take the parity higher towards key resistances around 14.27, 14.38 and 14.64 marks respectively.
     
  • Alternatively, a daily close below 13.99 will drag the parity down towards key supports at 13.87, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/ZAR only below 13.92, stop loss at 14.10 and target of 13.70.

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