- USD/ZAR is currently trading around 14.76 levels.
- It made intraday high at 14.77 and low at 14.70 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.70 mark.
- A daily close above 14.78 will take the parity higher towards key resistances around 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.70 will drag the parity down towards key supports at 14.50, 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa will release business confidence data around 0930 GMT.
We prefer to take short position on USD/ZAR only below 14.70, stop loss at 14.90 and target of 14.50/14.32.


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