- USD/ZAR is currently trading around 14.88 levels.
- It made intraday high at 14.91 and low at 14.72 levels.
- Intraday bias remains bullish for the movement.
- A daily close above 14.75 will take the parity higher towards key resistances around 14.94, 15.26 and 15.48 marks respectively.
- Alternatively, a daily close below 14.75 will drag the parity down towards key supports at 14.57, 14.27, 14.02, 13.90, 13.83, 13.70, 13.40 and 13.26 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa will release standard bank PMI and business confidence data.
We prefer to take long position on USD/ZAR around 14.85, stop loss at 14.57 and target of 15.26.
