- USD/ZAR is currently trading around 14.89 levels.
- It made intraday high at 14.97 and low at 14.86 levels.
- Intraday bias remains neutral till the time pair holds immediate resistance at 14.92 mark.
- A daily close above 14.92 will take the parity higher towards key resistances around 15.06, 15.22, 15.32, 15.53, 15.73,15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 14.92 will drag the parity down towards key supports at 14.70, 14.60, 14.30 and 14.05 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 only above 15.02, stop loss at 14.70 and target of 15.22.