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FxWirePro: USD/ZAR rejects key support at 14.01 mark, stay bullish

  • USD/ZAR is currently trading around 14.17 levels.
  • It made intraday high at 14.22 and low at 14.10 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 14.01 marks.   
     
  • A daily close above 14.16 will take the parity higher towards key resistances around 14.50, 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.
     
  • Alternatively, a daily close below 14.01 will drag the parity down towards key supports at 13.70, 13.57, 13.31, 13.19, 13.01, 12.82 and 12.58 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to go long on USD/ZAR around 14.15, stop loss 14.01 and target of 14.50.

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