FxWirePro: USD/ZAR hovers around 14.00 mark, further sideways movement likely
USD/ZAR is currently trading around 14.04 levels. It made intraday high at 14.06 and low at 13.96 levels. Intraday bias remains neutral till the time pair holds key support at 13.90 mark. A daily close above 14.02 will t…
It made intraday high at 14.06 and low at 13.96 levels.
Intraday bias remains neutral till the time pair holds key support at 13.90 mark.
A daily close above 14.02 will take the parity higher towards key resistances around 14.10, 14.22, 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
Alternatively, a daily close below 13.90 will drag the parity down towards key supports at 13.78, 13.70 and 13.50 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/ZAR only above 14.10, stop loss at 13.90 and target of 14.22/14.32.
