- USD/ZAR is currently trading around 14.66 levels.
- It made intraday high at 14.72 and low at 14.65 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 14.74 levels.
- A daily close below 14.33 will drag the parity down towards key supports at 13.88, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
- On the other side, a daily close above 14.74 will take the parity higher towards key resistances around 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks 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 go long on USD/ZAR only above 14.74, stop loss at 14.33 and target of 14.96/15.28.
