- USD/ZAR is currently trading around 13.99 levels.
- It made intraday high at 14.09 and low at 13.96 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.10 mark.
- A daily close above 14.00 will take the parity higher towards key resistances around 14.10, 14.22, 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.00 will drag the parity down towards key supports at 13.87, 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.
We prefer to take short position on USD/ZAR around 14.03, stop loss at 14.10 and target of 13.50.
