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FxWirePro: USD/ZAR trades in narrow range, stay bearish only below 15.12 mark

  • USD/ZAR is currently trading around 15.19 levels.
  • It made intraday high at 15.25 and low at 15.16 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 15.40 marks.
     
  • A daily close above 15.24 will take the parity higher towards key resistances around 15.40, 15.70, 15.92 and 16.10 marks respectively.
     
  • Alternatively, a daily close below 15.12 will drag the parity down towards key supports at 15.02, 14.94, 14.70 and 14.57 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 short position on USD/ZAR only below 15.12, stop loss at 15.30 and target of 15.02/14.94.

By Aarti Panchal
  • Market Data
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