FxWirePro: USD/ZAR falls below 14.00 mark; sustain a close below targets 13.72
USD/ZAR is currently trading around 13.93 levels. It made intraday high at 13.94 and low at 13.87 levels. Intraday bias remains bearish till the time pair holds key resistance at 14.08 levels. A daily close below 13.90 w…
It made intraday high at 13.94 and low at 13.87 levels.
Intraday bias remains bearish till the time pair holds key resistance at 14.08 levels.
A daily close below 13.90 will drag the parity down towards key supports at 13.75, 13.46, 13.26 and 13.00 levels respectively.
On the other side, a daily close above 14.08 will take the parity higher towards key resistances around 14.08, 14.22, 14.48, 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.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position in USD/ZAR around 13.98, stop loss 14.08 and target 13.75/13.52.
