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- USD/ZAR is currently trading around 14.77 levels.
- It made intraday high at 14.88 and low at 14.76 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 15.02 mark.
- A daily close above 15.00 will take the parity higher towards key resistances around 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 15.00 will drag the parity down towards key supports at 14.75, 14.40, 14.22 and 14.05 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/ZAR around 14.80, stop loss at 15.02 and target of 14.40/14.22.
