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FxWirePro: USD/ZAR trades in stiff boundaries, stay bullish only above 14.47 mark

  • USD/ZAR is currently trading around 14.26 levels.
  • It made intraday high at 14.34 and low at 14.24 levels.
     
  • Intraday bias remains bearish for the moment.
     
  • A daily close above 14.39 will take the parity higher towards key resistances around 14.50, 14.78 and 14.99 marks respectively.
     
  • Alternatively, a daily close below 14.32 will drag the parity down towards key supports at 14.22, 14.02, 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.

We prefer to take long position on USD/ZAR only above 14.47, stop loss at 14.22 and target of 14.78.

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