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FxWirePro: USD/ZAR touches 14.37 mark, sustained close above requires for upside rally

  • USD/ZAR is currently trading around 14.35 levels.
  • It made intraday high at 14.36 and low at 14.15 levels.
     
  • Intraday bias remains bullish for the moment.
     
  • A daily close above 14.37 will take the parity higher towards key resistances around 14.50, 14.78 and 14.99 marks respectively.
     
  • Alternatively, a daily close below 14.09 will drag the parity down towards key supports at 13.94, 13.72 and 13.53 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 long position on USD/ZAR around 14.30, stop loss at 14.15 and target of 14.50/14.78.

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