- USD/ZAR is currently trading around 14.19 levels.
- It made intraday high at 14.23 and low at 14.15 levels.
- Intraday bias remains neutral till the time pair holds key support at 14.10 mark.
- A daily close above 14.22 will take the parity higher towards key resistances around 14.27, 14.38 and 14.64 marks respectively.
- Alternatively, a daily close below 14.10 will drag the parity down towards key supports at 14.02, 13.93, 13.78, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa will release business confidence index data at 0930 GMT.
We prefer to take short position on USD/ZAR around 14.15, stop loss at 14.30 and target of 14.02.
