Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/ZAR remains well supported above 13.80 mark, good to sell on rallies

  • USD/ZAR is currently trading around 13.90 levels.
  • It made intraday high at 13.93 and low at 13.84 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 13.83 marks.
     
  • A daily close above 14.02 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 13.83 will drag the parity down towards key supports at 13.70, 13.40 and 13.26 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take short position on USD/ZAR around 13.96, stop loss at 14.05 and target of 13.80/13.70/13.40.

By Aarti Panchal
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.