FxWirePro: USD/ZAR hovers around key support at 13.30 mark, sustained close below targets 13.03 mark
USD/ZAR is currently trading around 13.32 levels. It made intraday high at 13.40 and low at 13.32 levels. Intraday bias remains neutral till the time pair holds key support at 13.30 mark. A daily close above 13.50 will t…
It made intraday high at 13.40 and low at 13.32 levels.
Intraday bias remains neutral till the time pair holds key support at 13.30 mark.
A daily close above 13.50 will take the parity higher towards key resistances around 13.65, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
Alternatively, a daily close below 13.30 will drag the parity down towards key supports at 13.15, 13.01, 12.95, 12.82, 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 downside movement is short term trend correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
