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FxWirePro: USD/ZAR rejects key resistance at 14.56, bias turns to bearish again

  • USD/ZAR is currently trading around 14.48 levels.
  • It made intraday high at 14.51 and low at 14.44 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 14.56 levels.
     
  • A daily close below 14.33 will drag the parity down towards key supports at 13.88, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
     
  • On the other side, a daily close above 14.56 will take the parity higher towards key resistances around 14.75, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go short on USD/ZAR only below 14.37, stop loss at 14.56 and target of 13.88. 

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