FxWirePro: USD/ZAR remains well supported below 14.98 mark, good to sell on rallies
USD/ZAR is currently trading around 14.86 levels. It made intraday high at 14.87 and low at 14.79 levels. Intraday bias remains neutral for the moment. A daily close below 14.72 will drag the parity down towards key supp…
It made intraday high at 14.87 and low at 14.79 levels.
Intraday bias remains neutral for the moment.
A daily close below 14.72 will drag the parity down towards key support at 14.64 (March 31, 2016 low) and 14.43(20D EMA) levels respectively.
Alternatively, current upward trend will take the parity higher towards key resistances around 14.98, 15.17, 15.61, 15.86(February 29, 2016 high) and 16.15 marks respectively.
Important to note here that 20D, 30D and 55D EMA are about to crossover in near time frame. In such scenario, South African rand likely to strengthens against US dollar.
We prefer to take short position in USD/ZAR around 14.87, stop loss 14.98 and target 14.65/14.58 marks.
