- USD/ZAR is currently trading around 15.07 levels.
- It made intraday high at 15.22 and low at 15.06 levels.
- Intraday bias remains slightly bearish till the time pair holds immediate resistance at 15.22 mark.
- A daily close above 15.20 will take the parity higher towards key resistances around 15.32, 15.53, 15.73,15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 15.20 will drag the parity down towards key supports at 15.02, 14.82, 14.70, 14.52, 14.30 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. Current downside movement is short term trend correction only.
- South Africa will release manufacturing production data at 1100 GMT.
We prefer to take long position on USD/ZAR around 15.00, stop loss at 14.82 and target of 15.53.
