FxWirePro: USD/ZAR stabilizes below 14.00 mark, stay bearish only below 13.81 mark

• USD/ZAR is currently trading around 13.86 levels.

• It made intraday high at 13.87 and low at 13.81 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 14.02 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 13.81 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. Current upside movement is short term trend correction only.

We prefer to take short position on USD/ZAR only below 13.81, stop loss at 14.02 and target of 13.40.