FxWirePro: USD/ZAR remains well supported above 13.70 mark, faces key resistance at 14.02 mark
USD/ZAR is currently trading around 13.91 levels. It made intraday high at 13.92 and low at 13.80 levels. Intraday bias remains slightly bullish for the moment. A daily close above 13.94 will take the parity higher towar…
It made intraday high at 13.92 and low at 13.80 levels.
Intraday bias remains slightly bullish for the moment.
A daily close above 13.94 will take the parity higher towards key resistances around 14.02, 14.12, 14.32, 14.50, 14.78 and 14.99 marks respectively.
Alternatively, a daily close below 13.94 will drag the parity down towards key supports at 13.70, 13.53, 13.26 and 13.07 levels 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 take short position on USD/ZAR around 13.94, stop loss at 14.02 and target of 13.70/13.53/13.26.
