FxWirePro: USD/ZAR remains well supported below 14.75 mark, good to sell on rallies
USD/ZAR is currently trading around 14.54 levels. It made intraday high at 14.60 and low at 14.54 levels. Intraday bias remains bearish till the time pair holds key resistance at 14.75 marks. A daily close below 14.50 wi…
It made intraday high at 14.60 and low at 14.54 levels.
Intraday bias remains bearish till the time pair holds key resistance at 14.75 marks.
A daily close below 14.50 will drag the parity down towards key supports at 14.43(20D EMA), 14.28 and 14.19 (May 03, 2016 low) levels respectively.
Alternatively, a daily close above 14.62 will take the parity higher towards key resistances around 14.75, 14.96, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend.
We prefer to take short position on USD/ZAR around 14.60 with stop loss at 14.96 and target 14.19 marks.
