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FxWirePro: USD/ZAR trades in narrow range, bias remains neutral

  • USD/ZAR is currently trading around 14.35 levels.
  • It made intraday high at 14.43 and low at 14.31 levels.
     
  • Intraday bias remains neutral till the time pair holds immediate resistance at 14.50 mark.
     
  • A daily close above 14.37 will take the parity higher towards key resistances around 14.50, 14.70, 14.94, 15.06, 15.22 and 15.32 marks respectively.
     
  • Alternatively, a daily close below 14.30 will drag the parity down towards key supports at 14.18, 14.05 and 13.82 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/ZAR only above 14.50, stop loss at 14.18 and target of 14.70/14.94.

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