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- USD/ZAR is currently trading around 13.00 levels.
- It made intraday high at 13.11 and low at 13.00 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.15 mark.
- A daily close above 13.05 will take the parity higher towards key resistances around 13.28, 13.53, 13.80 and 14.01 marks respectively.
- Alternatively, a daily close below 13.05 will drag the parity down towards key supports at 12.90, 12.70, 12.51, 12.40, 12.20, 12.02, 11.94 and 11.84 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 13.02, stop loss 13.15 and target of 12.90/12.70.
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