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- USD/ZAR is currently trading around 13.94 levels.
- It made intraday high at 14.04 and low at 13.93 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.11 marks.
- A daily close above 14.11 will take the parity higher towards key resistances around 14.20, 14.50, 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.
- Alternatively, a daily close below 13.96 will drag the parity down towards key supports at 13.70, 13.57, 13.31, 13.19, 13.01, 12.82 and 12.58 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 go short on USD/ZAR around 13.95, stop loss 14.11 and target of 13.70/13.57.
