- USD/ZAR is currently trading around 14.36 levels.
- It made intraday high at 14.40 and low at 14.34 levels.
- Intraday bias remains bearish till the time pair holds major resistance at 14.68 levels.
- A daily close below 14.37 will drag the parity down towards key supports at 14.17, 13.96, 13.88, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
- On the other side, a daily close above 14.68 will take the parity higher towards key resistances around 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to go short on USD/ZAR around 14.38, stop loss at 14.52 and target of 14.17/13.96.
