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FxWirePro: USD/ZAR stabilizes above 14.00 mark, faces immediate resistance at 14.27 mark

  • USD/ZAR is currently trading around 14.14 levels.
  • It made intraday high at 14.15 and low at 14.11 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance 14.27 mark.
     
  • A daily close above 14.12 will take the parity higher towards key resistances around 14.27, 14.38 and 14.64 marks respectively.
     
  • Alternatively, a daily close below 14.12 will drag the parity down towards key supports at 13.90, 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. Current upside movement is short term trend correcton only.

We prefer to take long position on USD/ZAR around 14.11, stop loss at 13.90 and target of 14.38.

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