- USD/ZAR is currently trading around 18.80 levels.
- It made intraday high at 18.87 and low at 18.59 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 18.86 mark.
- A daily close above 18.86 will the parity higher towards key resistances around 19.02, 19.28 and 19.54 marks respectively.
- Alternatively, a daily close below 18.68 will drag the parity down towards key supports at 18.40, 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.
- South Africa will release retail sales data around 1100 GMT.
We prefer to take long position on USD/ZAR only above 18.87, stop loss at 18.50 and target of 19.10/19.28.
