- USD/ZAR is currently trading around 14.68 levels.
- It made intraday high at 14.70 and low at 14.63 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 14.66 marks.
- A daily close above 14.66 will take the parity higher towards key resistances around 14.82, 14.99, 15.26, 15.48 and 15.76 marks respectively.
- Alternatively, a daily close below 14.66 will drag the parity down towards key supports at 14.62, 14.40, 14.22, 14.12, 14.02, 13.87, 13.78, 13.70 and 13.50 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 short position on USD/ZAR only below 14.62, stop loss at 14.76 and target of 14.40/14.22.