- USD/ZAR is currently trading around 15.17 levels.
- It made intraday high at 15.21 and low at 15.12 levels.
- Intraday bias remains bullish till the time pair holds key support at 15.12 marks.
- A daily close below 15.12 will drag the parity down towards key supports at 14.96, 14.72, 14.64 (March 31, 2016 low) and 14.43(20D EMA) levels respectively.
- On the top side, key resistance is seen at 15.29 marks. A sustained close above it is required to drag the parity higher.
- Alternatively, current upward trend will take the parity higher towards key resistances around 15.29, 15.61, 15.86(February 29, 2016 high) and 16.15 marks respectively.
We prefer to take long position in USD/ZAR around 15.15, stop loss 14.95 and target 15.61 marks.
The material has been provided by InstaForex Company – www.instaforex.com