FxWirePro: South African rand strengthens against U.S. dollar, bias remains bearish

• USD/ZAR is currently trading around 13.62 levels.

• It made intraday high at 13.69 and low at 13.60 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 13.80 mark.
   
• A daily close above 13.65 will take the parity higher towards key resistances around 13.80, 13.94, 14.11, 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
   
• Alternatively, a daily close below 13.65 will drag the parity down towards key supports at 13.46, 13.38, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 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 only below 13.54, stop loss 13.80 and target of 13.46/13.38 mark.

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