- USD/ZAR is currently trading around 14.46 levels.
- It made intraday high at 14.47 and low at 14.40 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 14.28 mark.
- A daily close above 14.41 will take the parity higher towards key resistances around 14.49, 14.64, 14.94 and 15.26 marks respectively.
- Alternatively, a daily close below 14.41 will drag the parity down towards key supports at 14.28, 14.22, 14.02, 13.93, 13.78, 13.70 and 13.50 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 will release manufacturing production data at 1100 GMT.
We prefer to take long position on USD/ZAR around 14.43, stop loss at 14.28 and target of 14.64/14.94.
