- USD/ZAR is currently trading around 13.45 levels.
- It made intraday high at 13.46 and low at 13.36 levels.
- Intraday bias remains bullish till the time pair holds key support 13.32 mark.
- A daily close above 13.36 will take the parity higher towards key resistances around 13.53, 13.70, 13.94 and 14.02 marks respectively.
- Alternatively, a daily close below 13.36 will drag the parity down towards key supports at 13.22, 13.07, 12.94 and 12.66 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.
We prefer to take long position on USD/ZAR around 13.42, stop loss at 13.32 and target of 13.53/13.70.
