- USD/ZAR is currently trading around 13.94 levels.
- It made intraday high at 13.94 and low at 13.85 levels.
- Intraday bias remains neutral till the time pair holds key support at 13.80 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.
- South Africa will release PPI data around 0930 GMT.
We prefer to take short position on USD/ZAR only below 13.80, stop loss at 14.02 and target of 13.70/13.40.
