- USD/ZAR is currently trading around 14.94 levels.
- It made intraday high at 15.10 and low at 14.94 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 15.12 mark.
- A daily close above 15.12 will take the parity higher towards key resistances around 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 15.12 will drag the parity down towards key supports at 14.94, 14.70 and 14.57 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 standard bank whole economic PMI stands at 49.7 vs 48.4 previous release.
We prefer to take short position on USD/ZAR around 15.00, stop loss at 15.12 and target of 14.70/14.57.
