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- USD/ZAR is currently trading around 13.40 levels.
- It made intraday high at 13.44 and low at 13.35 levels.
- Intraday bias remains slightly bearish for the moment.
- A daily close above 13.40 will take the parity higher towards key resistances around 13.50, 13.62, 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 13.40 will drag the parity down towards key supports at 13.34, 13.20, 13.05, 12.95, 12.87, 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.
We prefer to take short position on USD/ZAR around 13.42, stop loss at 13.50 and target of 13.20.
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