- USD/ZAR is currently trading around 14.17 levels.
- It made intraday high at 14.21 and low at 14.15 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.27 marks.
- A daily close above 14.17 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 14.17 will drag the parity down towards key supports at 14.09, 14.02, 13.94, 13.78, 13.50 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.
We prefer to take short position on USD/ZAR around 14.19, stop loss at 14.28 and target of 13.94/13.78/13.50.
