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FxWirePro: USD/ZAR rejects key support at 13.95 mark, bias turns bullish again

  • USD/ZAR is currently trading around 14.28 levels.
  • It made intraday high at 14.30 and low at 14.18 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 13.95 mark.
     
  • A daily close above 14.40 will take the parity higher towards key resistances around 14.52, 14.72, 14.90, 15.18,  15.44,  15.98 and 16.24 marks respectively.
     
  • Alternatively, a daily close below 14.15 will drag the parity down towards key supports at 14.05, 13.65, 13.50, 13.40, 13.22, 13.10, 12.99 and 12.70 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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