- USD/ZAR is currently trading around 13.60 levels.
- It made intraday high at 13.65 and low at 13.57 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.65 mark.
- A daily close above 13.65 will take the parity higher towards key resistances around 13.76, 13.95 and 14.15 marks respectively.
- Alternatively, a daily close below 13.65 will drag the parity down towards key supports at 13.51, 13.42, 13.26, 13.10, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term t rend correction only.
- South Africa Sep standard bank whole econ PMI decrease to 48.5 vs previous 49.8.
We prefer to take long position on USD/ZAR only above 13.65, stop loss 13.51 and target of 13.95/14.06.
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