FxWirePro: USD/ZAR hits fresh 5-week high at 14.31 mark, good to buy on dips
USD/ZAR is currently trading around 14.27 levels. It made intraday high at 14.31 and low at 14.23 levels. Intraday bias remains bullish till the time pair holds key support at 14.10 marks. A daily close above 14.26 will …
It made intraday high at 14.31 and low at 14.23 levels.
Intraday bias remains bullish till the time pair holds key support at 14.10 marks.
A daily close above 14.26 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
Alternatively, a daily close below 14.26 will drag the parity down towards key supports at 14.10, 13.90, 13.83, 13.70, 13.40 and 13.26 levels 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 long position on USD/ZAR around 14.28, stop loss at 13.10 and target of 14.40/14.70.
