- USD/ZAR is currently trading around 14.44 levels.
- It made intraday high at 15.44 and low at 14.17 levels.
- Intraday bias remains bullish till the time pair holds key support at 13.65 marks.
- A daily close above 14.06 will take the parity higher towards key resistances around 14.72, 15.44, 15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 14.06 will drag the parity down towards key supports at 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.
