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FxWirePro: USD/ZAR moves in stiff boundaries, bias remains neutral

  • USD/ZAR is currently trading around 14.64 levels.
  • It made intraday high at 14.79 and low at 14.61 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 14.72 mark.
     
  • A daily close above 14.72 will take the parity higher towards key resistances around 14.90, 15.18,  15.44,  15.98 and 16.24 marks respectively.
     
  • Alternatively, a daily close below 14.64 will drag the parity down towards key supports at 14.58, 14.32, 14.20, 14.05, 13.65, 13.50, 13.40, 13.22, 13.10, 12.99 and 12.70 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 14.60, stop loss at 14.90 and target of 14.32.

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