- USD/ZAR is currently trading around 14.35 levels.
- It made intraday high at 14.35 and low at 14.26 levels.
- Intraday bias remains bullish for the moment.
- A daily close above 14.30 will take the parity higher towards key resistances around 14.40, 14.70, 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.02 will drag the parity down towards key supports at 13.83, 13.65 and 13.47 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.
- South Africa will release manufacturing PMI data around 0900 GMT.
We prefer to take long position on USD/ZAR around 14.32, stop loss at 14.22 and target of 14.40/14.70.
