- USD/ZAR is currently trading around 18.09 levels.
- It made intraday high at 18.23 and low at 18.02 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 18.40 mark.
- A daily close above 18.14 will drag the parity higher towards key resistances around 18.40, 18.70, 18.94, 19.18, 19.32, 19.54 and 19.77 marks respectively.
- Alternatively, a daily close below 18.14 will drag the parity down towards key supports at 18.02, 17.91, 17.70, 17.30 and 17.02 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 18.15, stop loss at 18.40 and target of 17.70.
