- USD/ZAR is currently trading around 14.62 levels.
- It made intraday high at 14.77 and low at 14.59 levels.
- Intraday bias remains slightly bearish for the moment.
- A daily close above 14.76 will take the parity higher towards key resistances around 14.94, 15.06, 15.22 and 15.32 marks respectively.
- Alternatively, a daily close below 14.76 will drag the parity down towards key supports at 14.50, 14.27, 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.
- South Africa will release gold production as well as mining production data at 0930 GMT.
We prefer to take short position on USD/ZAR only below 14.50, stop loss at 14.80 and target of 14.27.
