- USD/ZAR is currently trading around 14.75 levels.
- It made intraday high at 14.77 and low at 14.70 levels.
- Intraday bias remains neutral till the time pair holds key support at 14.75 marks.
- A daily close below 14.72 will drag the parity down towards key supports at 14.43(20D EMA), 14.28 and 14.19 (May 03, 2016 low) levels respectively.
- Alternatively, a daily close above 14.96 will take the parity higher towards key resistances around 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend.
We prefer to take short position on USD/ZAR only below 14.72 with stop loss at 14.98 and target 14.43/ 14.28 marks.
The material has been provided by InstaForex Company – www.instaforex.com