- USD/ZAR is currently trading around 14.31 levels.
- It made intraday high at 14.47 and low at 14.21 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 14.42 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 14.23 will drag the parity down towards key supports at 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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
