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- USD/ZAR is currently trading around 14.05 levels.
- It made intraday high at 14.05 and low at 13.94 levels.
- Intraday bias remains bullish till the time pair holds immediate support at 13.75 levels.
- A daily close below 13.75 will drag the parity down towards key supports at 13.26 and 13.00 levels respectively.
- On the other side, a daily close above 13.96 will take the parity higher towards key resistances around 14.08, 14.22, 14.48, 14.62, 14.75, 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. Current upside movement is short term trend correction only.
We prefer to take long position in USD/ZAR only above 14.08, stop loss 13.95 and target 14.22/14.48.
