- USD/ZAR is currently trading around 13.71 levels.
- It made intraday high at 13.71 and low at 13.63 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 13.65 will take the parity higher towards key resistances around 13.94, 14.02, 14.17, 14.40, 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
- Alternatively, a daily close below 13.65 will drag the parity down towards key supports at 13.56, 13.40, 13.18 and 13.01 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa will release trade balance data at 1200 GMT.
We prefer to take short position on USD/ZAR only below 13.63, stop loss at 13.99 and target of 13.40.
