- USD/ZAR is currently trading around 13.97 levels.
- It made intraday high at 14.00 and low at 13.91 levels.
- Intraday bias remains bearish till the time pair holds major resistance at 14.17 levels.
- A daily close below 13.91 will drag the parity down towards key supports at 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
- On the other side, a daily close above 14.17 will take the parity higher towards key resistances around 14.68, 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.
We prefer to go short on USD/ZAR only below 13.91, stop loss at 14.17 and target of 13.65/13.38.
