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FxWirePro: USD/ZAR hovers around key support at 14.70 mark, sustained close below requires for downside rally

       

  • USD/ZAR is currently trading around 14.76 levels.
  • It made intraday high at 14.82 and low at 14.72 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 14.90 mark.
     
  • A daily close above 14.81 will take the parity higher towards key resistances around 14.90, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
     
  • Alternatively, a daily close below 14.55 will drag the parity down towards key supports at 14.40, 14.22 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 short position on USD/ZAR only below 14.72, stop loss at 14.82 and target of 14.40/14.22.

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