- USD/ZAR is currently trading around 15.25 levels.
- It made intraday high at 15.29 and low at 15.25 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 15.27 mark.
- A daily close above 15.27 will take the parity higher towards key resistances around 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 15.27 will drag the parity down towards key supports at 15.02, 14.94, 14.72, 14.55, 14.40, 14.22 and 14.05 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 business confidence data around 0930 GMT.
We prefer to take long position on USD/ZAR only above 15.32, stop loss at 15.18 and target of 15.40/15.70.
