FxWirePro: USD/ZAR remains well supported above 13.80 mark, good to sell on rallies

• USD/ZAR is currently trading around 13.90 levels.

• It made intraday high at 13.93 and low at 13.84 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 13.83 marks.
   
• A daily close above 14.02 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
   
• Alternatively, a daily close below 13.83 will drag the parity down towards key supports at 13.70, 13.40 and 13.26 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 13.96, stop loss at 14.05 and target of 13.80/13.70/13.40.