FxWirePro: South African rand consolidates around 14.40 mark, consistent break above targets 14.96

• USD/ZAR is currently trading around 14.40 levels.

• It made intraday high at 14.43 and low at 14.38 levels.
   
• Intraday bias remains bullish till the time pair holds major support at 14.17 levels.
   
• A daily close above 14.52 will take the parity higher towards key resistances around 14.68, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
   
• Alternatively, a daily close below 14.20 will drag the parity down towards key supports at 14.11, 13.90, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Yesterday South Africa's rand extended losses to more than 2 percent against dollar on increasing global risk aversion.

We prefer to go long on USD/ZAR only above 14.52, stop loss at 14.20 and target of 14.68/14.96.