- USD/ZAR is currently trading around 16.47 levels.
- It made intraday high at 16.70 and low at 16.42 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 16.70 mark.
- A daily close above 16.70 will take the parity higher towards key resistances around 16.95, 17.34, 17.58 and 17.88 marks respectively.
- Alternatively, a daily close below 16.40 will drag the parity down towards key supports at 16.22, 16.00, 15.70, 15.40, 15.25, 15.10, 15.02, 14.94, 14.72 and 14.50 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 16.50, stop loss at 16.70 and target of 16.22/$16.00.
