- USD/ZAR is currently trading around 13.74 levels.
- It made intraday high at 13.80 and low at 13.73 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.86 mark.
- A daily close above 13.80 will take the parity higher towards key resistances around 13.95, 14.15 and 14.32 marks respectively.
- Alternatively, a daily close below 13.80 will drag the parity down towards key supports at 13.70, 13.55, 13.42, 13.26, 13.10, 12.96, 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 down side movement is short term t rend correction only.
- South Africa will release manufacturing production data at 1100 GMT.
We prefer to take short position on USD/ZAR around 13.75, stop loss 13.86 and target of 13.55.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
