- USD/ZAR is currently trading around 14.73 levels.
- It made intraday high at 14.75 and low at 14.68 levels.
- Intraday bias remains neutral till the time pair holds key support at 14.67 mark.
- A daily close above 14.80 will take the parity higher towards key resistances around 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.67 will drag the parity down towards key supports at 14.55, 14.40, 14.22, 14.15 and 13.83 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa’s private sector credit Oct stands at 7.28 pct vs 6.19 pct previous release (expected 6.70 pct).
We prefer to take short position on USD/ZAR only below 14.68, stop loss at 14.80 and target of 14.40/14.22.
