- 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 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.
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