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- USD/ZAR is currently trading around 14.94 levels.
- It made intraday high at 14.97 and low at 14.92 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 15.02 mark.
- A daily close above 15.02 will take the parity higher towards key resistances around 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.94 will drag the parity down towards key supports at 14.72, 14.50, 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 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 unemployment rate data around 0930 GMT as well as manufacturing production data around 1100 GMT.
We prefer to take short position on USD/ZAR around 14.96, stop loss at 15.02 and target of 14.72/14.50.
