FxWirePro: USD/ZAR hits fresh 3-week low at 13.93 mark, consistent close below targets 13.70
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 wi…
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.
