FxWirePro: USD/ZAR rejects key resistance at 13.75 mark, stay bearish
Source: FxWire Pro - Technicals / 11 Dec 2017 02:09:28 Eastern Standard Time
- USD/ZAR is currently trading around 13.65 levels.
- It made intraday high at 13.68 and low at 13.63 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.75 mark.
- A daily close above 13.75 will take the parity higher towards key resistances around 13.82, 13.94, 14.11, 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
- Alternatively, a daily close below 13.63 will drag the parity down towards key supports at 13.48, 13.40, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 13.66, stop loss 13.75 and target of 13.48 mark.
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