FxWirePro: USD/ZAR hits fresh 1-week high at 14.09 mark, stay bullish

• USD/ZAR is currently trading around 14.08 levels.

• It made intraday high at 14.09 and low at 14.06 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 13.97 mark.
   
• A daily close above 14.08 will take the parity higher towards key resistances around 14.07, 14.27, 14.38 and 14.64 marks respectively.
   
• Alternatively, a daily close below 14.08 will drag the parity down towards key supports at 13.93, 13.78, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Africa will release business confidence index data at 0930 GMT.

We prefer to take long position on USD/ZAR around 14.05, stop loss at 13.97 and target of 14.27.