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- USD/ZAR is currently trading around 13.23 levels.
- It made intraday high at 13.31 and low at 13.22 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.52 marks.
- A daily close above 13.28 will take the parity higher towards key resistances around 13.37, 13.52, 13.70, 13.94, 14.12, 14.28 and 14.57 marks respectively.
- Alternatively, a daily close below 13.28 will drag the parity down towards key supports at 13.16, 12.99, 12.70, 12.51 and 12.40 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 13.26, stop loss 13.37 and target of 13.16/12.99.
