FxWirePro: South African rand trades marginally higher against U.S. dollar, further sideways movement likely

• USD/ZAR is currently trading around 14.44 levels.

• It made intraday high at 14.62 and low at 14.32 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 14.72 mark.
   
• A daily close above 14.56 will take the parity higher towards key resistances around 14.72, 15.00,  15.44,  15.98 and 16.24 marks respectively.
   
• Alternatively, a daily close below 14.56 will drag the parity down towards key supports at 14.20, 14.05, 13.65, 13.50, 13.40, 13.22, 13.10, 12.99 and 12.70 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 long position on USD/ZAR only above 14.62, stop loss at 14.32 and target of 15.00.