- USD/ZAR is currently trading around 14.28 levels.
- It made intraday high at 14.38 and low at 14.27 levels.
- Intraday bias remains slightly bearish till the time pair holds immediate resistance at 14.50 mark.
- A daily close above 14.37 will take the parity higher towards key resistances around 14.50, 14.70, 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 14.18, 14.05 and 13.82 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 14.32, stop loss at 14.45 and target of 14.18/14.05.
