- USD/ZAR is currently trading around 13.87 levels.
- It made intraday high at 13.87 and low at 13.82 levels.
- Intraday bias remains neutral till the time pair holds key support at 13.78 mark.
- A daily close above 13.83 will take the parity higher towards key resistances around 13.94, 14.07, 14.27, 14.38 and 14.64 marks respectively.
- Alternatively, a daily close below 13.83 will drag the parity down towards key supports at 13.78, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/ZAR only below 13.78, stop loss at 14.03 and target of 13.50.
