Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/ZAR trades in narrow range, stay bearish only below 14.54 mark

  • USD/ZAR is currently trading around 14.58 levels.
  • It made intraday high at 14.60 and low at 14.58 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 14.70 mark.
     
  • A daily close above 14.70 will take the parity higher towards key resistances around 14.90, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
     
  • Alternatively, a daily close below 14.59 will drag the parity down towards key supports at 14.54, 14.22 and 14.05 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 only below 14.54, stop loss at 14.70 and target of 14.22//14.05.

By Aarti Panchal
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.