- USD/ZAR is currently trading around 14.89 levels.
- It made intraday high at 14.96 and low at 14.87 levels.
- Intraday bias remains slightly bearish till the time pair holds immediate resistance at 15.08 mark.
- A daily close above 14.94 will take the parity higher towards key resistances around 15.08, 15.22, 15.32, 15.53, 15.73,15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 14.94 will drag the parity down towards key supports at 14.81, 14.70, 14.52, 14.30 and 14.05 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 14.92, stop loss at 15.08 and target of 14.70.
