FxWirePro: USD/ZAR faces stiff support at 14.16, good to buy on dips
USD/ZAR is currently trading around 14.31 levels. It made intraday high at 14.32 and low at 14.24 levels. Intraday bias remains bullish for the moment. A daily close above 14.37 will take the parity higher towards key re…
It made intraday high at 14.32 and low at 14.24 levels.
Intraday bias remains bullish for the moment.
A daily close above 14.37 will take the parity higher towards key resistances around 14.46, 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.
Alternatively, a daily close below 14.16 will drag the parity down towards key supports at 13.91, 13.68, 13.26 and 13.00 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend.
We prefer to take long position on USD/ZAR only above 14.37, stop loss 14.16 and target 14.62/14.75.
