USD/ZAR is currently trading around 13.97 levels. It made intraday high at 14.07 and low at 13.90 levels. Intraday bias remains bearish for the moment. A daily close above 14.05 will take the parity higher towards key re…
It made intraday high at 14.07 and low at 13.90 levels.
Intraday bias remains bearish for the moment.
A daily close above 14.05 will take the parity higher towards key resistances around 14.20, 14.32, 14.49, 14.68 and 14.77 marks respectively.
Alternatively, a daily close below 14.05 will drag the parity down towards key supports at 13.98, 13.70, 13.46, 13.38, 13.20, 13.01, 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 downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 13.98, stop loss 14.15 and target of 13.70 mark.
