- USD/ZAR is currently trading around 13.63 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 13.74 mark.
- A daily close above 13.74 will take the parity higher towards key resistances around 13.85, 13.99, 14.12, 14.28 and 14.57 marks respectively.
- Alternatively, a daily close below 13.67 will drag the parity down towards key supports at 13.50, 13.38, 13.22, 13.16, 12.99, 12.70, 12.51 and 12.40 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.
- South Africa will release standard bank PMI data at 0715 GMT.
We prefer to take long position on USD/ZAR only above 13.70, stop loss 13.50 and target of 13.99.
