FxWirePro: USD/ZAR remains well supported below 14.00 mark, good to sell on rallies
USD/ZAR is currently trading around 13.96 levels. It made intraday high at 14.02 and low at 13.96 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 14.02 mark. A daily close above …
It made intraday high at 14.02 and low at 13.96 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 14.02 mark.
A daily close above 14.02 will take the parity higher towards key resistances around 14.07, 14.27, 14.38 and 14.64 marks respectively.
Alternatively, a daily close below 14.02 will drag the parity down towards key supports at 13.87, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/ZAR around 13.98, stop loss at 14.10 and target of 13.70.
