- USD/ZAR is currently trading around 15.50 levels.
- It made intraday high at 15.53 and low at 15.38 levels.
- Intraday bias remains bullish till the time pair holds key support at 15.25 mark.
- A daily close above 15.41 will take the parity higher towards key resistances around 15.73,15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 15.41 will drag the parity down towards key supports at 15.25, 14.82, 14.70, 14.52, 14.30 and 14.05 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa will release current account data at 0900 GMT.
We prefer to take long position on USD/ZAR around 15.42, stop loss at 15.20 and target of 15.73/15.98.
