FxWirePro: South African rand strengthens against U.S. dollar, faces major support at 14.17
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…
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.
