- USD/ZAR is currently trading around 14.20 levels.
- It made intraday high at 14.26 and low at 14.18 levels.
- Intraday bias remains bearish for the moment.
- A daily close above 14.36 will take the parity higher towards key resistances around 14.48, 14.62, 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 14.16 will drag the parity down towards key supports at 13.91, 13.68, 13.26 and 13.00 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend.
We prefer to take short position in USD/ZAR only below 14.16, stop loss 14.35 and target 13.91/13.68.
