- USD/ZAR is currently trading around 14.41 levels.
- It made intraday high at 14.49 and low at 14.39 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 14.50 marks.
- A daily close above 14.48 will take the parity higher towards key resistances around 14.75, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.32 will drag the parity down towards key supports at 14.27, 14.12, 14.02, 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. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 14.42, stop loss at 14.55 and target of 14.27/14.12.