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- USD/ZAR is currently trading around 13.82 levels.
- It made intraday high at 13.83 and low at 13.61 levels.
- Intraday bias remains bullish till the time pair holds key support at 13.50 marks.
- A daily close above 13.66 will take the parity higher towards key resistances around 13.85, 13.96, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
- Alternatively, a daily close below 13.66 will drag the parity down towards key supports at 13.50, 13.20, 12.95, 12.70, 12.48, 12.30, 12.22 and 12.14 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 in USD/ZAR around 13.75, stop loss at 13.50 and target of 13.96/14.08.
