- USD/ZAR is currently trading around 14.41 levels.
- It made intraday high at 14.45 and low at 14.31 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.18 mark.
- A daily close above 14.40 will take the parity higher towards key resistances around 14.52, 14.72, 14.90, 15.18, 15.44, 15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 14.15 will drag the parity down towards key supports at 14.05, 13.65, 13.50, 13.40, 13.22, 13.10, 12.99 and 12.70 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 PPI data at 0930 GMT.
We prefer to take long position on USD/ZAR only above 14.45, stop loss at 14.18 and target of 14.90.
