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- USD/ZAR is currently trading around 17.34 levels.
- It made intraday high at 17.60 and low at 17.28 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 17.50 mark.
- A daily close above 17.50 will take the parity higher towards key resistances around 17.83, 18.04, 18.22 and 18.40 marks respectively.
- Alternatively, a daily close below 17.50 will drag the parity down towards key supports at 17.15, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 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 around 17.35, stop loss at 17.50 and target of 17.15/17.02.
