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FxWirePro: USD/ZAR rejects key support at 14.22 mark, upside limited

  • USD/ZAR is currently trading around 14.32 levels.
  • It made intraday high at 14.35 and low at 14.23 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 14.22 mark.
     
  • A daily close above 14.28 will take the parity higher towards key resistances around 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
     
  • Alternatively, a daily close below 14.28 will drag the parity down towards key supports at 14.22, 14.10, 14.02, 13.90, 13.82, 13.68 and 13.56 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 Oct 2018 std bank whole econ PMI decrease to 46.9 vs previous 48.

We prefer to take short position on USD/ZAR around 14.32, stop loss at 14.40 and target of 14.22/14.02.

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