FxWirePro: USD/ZAR fails to find support above 19.18 mark, short term trend reversal likely
USD/ZAR is currently trading around 18.82 levels. It made intraday high at 19.06 and low at 18.80 levels. Intraday bias remains bearish till the time pair holds key resistance at 19.18 mark. A daily close above 19.08 wil…
It made intraday high at 19.06 and low at 18.80 levels.
Intraday bias remains bearish till the time pair holds key resistance at 19.18 mark.
A daily close above 19.08 will the parity higher towards key resistances around 19.18, 19.32, 19.54 and 19.77 marks respectively.
Alternatively, a daily close below 18.76 will drag the parity down towards key supports at 18.40, 18.02, 17.91, 17.70, 17.30 and 17.02 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take short position on USD/ZAR around 18.85, stop loss at 19.18 and target of 18.40.
