- USD/ZAR is currently trading around 13.46 levels.
- It made intraday high at 13.54 and low at 13.45 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 13.70 mark.
- A daily close above 13.52 will take the parity higher towards key resistances around 13.70, 13.80, 13.95, 14.15 and 14.32 marks respectively.
- Alternatively, a daily close below 13.52 will drag the parity down towards key supports at 13.45, 13.26, 13.10, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term t rend correction only.
We prefer to take short position on USD/ZAR only below 13.45, stop loss 13.70 and target of 13.26.
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