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- USD/ZAR is currently trading around 14.64 levels.
- It made intraday high at 14.67 and low at 14.60 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 14.94 marks.
- A daily close above 14.72 will take the parity higher towards key resistances around 14.94, 15.26, 15.48 and 15.76 marks respectively.
- Alternatively, a daily close below 14.64 will drag the parity down towards key supports at 14.40, 14.22, 14.12, 14.02, 13.87, 13.78, 13.70 and 13.50 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa will release PPI data around 0930 GMT and budget balance data around 1200 GMT.
We prefer to take long position on USD/ZAR around 14.50, stop loss at 14.40 and target of 14.94/15.26.
