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- USD/ZAR is currently trading around 14.78 levels.
- It made intraday high at 14.82 and low at 14.60 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.50 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 14.50 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 business confidence data around 0930 GMT.
- South Africa May 2019 std bank whole econ PMI decrease to 49.3 vs previous 50.3.
We prefer to take long position on USD/ZAR around 14.72, stop loss at 14.50 and target of 14.94/15.26.
