FxWirePro: USD/ZAR rejects key resistance at 14.78 mark, short term trend reversal likely

• USD/ZAR is currently trading around 14.30 levels.

• It made intraday high at 14.45 and low at 14.27 levels.
   
• Intraday bias remains bearish for the moment.
   
• A daily close above 14.40 will take the parity higher towards key resistances around 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
   
• Alternatively, a daily close below 14.40 will drag the parity down towards key supports at 14.22, 14.10, 14.02, 13.90, 13.82, 13.68 and 13.56 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 only below 14.22, stop loss at 14.50 and target of 14.02.