- USD/ZAR is currently trading around 14.43 levels.
- It made intraday high at 14.46 and low at 14.38 levels.
- Intraday bias remains neutral till the time pair holds key support at 14.37 mark.
- A daily close above 14.53 will take the parity higher towards key resistances around 14.64, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.37 will drag the parity down towards key supports at 14.28, 14.22, 14.02, 13.93, 13.78, 13.70 and 13.50 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR only below 14.37, stop loss at 14.53 and target of 14.22/14.02.
