FxWirePro: USD/ZAR trades in narrow range, South Africa’s business confidence data in focus

• USD/ZAR is currently trading around 14.16 levels.

• It made intraday high at 14.17 and low at 14.13 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 14.15 will take the parity higher towards key resistances around 14.40, 14.70, 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
   
• Alternatively, a daily close below 14.15 will drag the parity down towards key supports at 14.02, 13.83, 13.65 and 13.47 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Africa will release business confidence data around 0930 GMT.

We prefer to take short position on USD/ZAR only below 14.10, stop loss at 14.27 and target of 14.02/13.83.