FxWirePro: USD/ZAR rejects key support at 13.94 mark, good to buy on dips
Source: FxWire Pro - Technicals / 21 Nov 2017 02:52:31 Eastern Standard Time
- USD/ZAR is currently trading around 14.08 levels.
- It made intraday high at 14.09 and low at 14.02 levels.
- Intraday bias remains bullish till the time pair holds key support at 13.94 mark.
- A daily close above 14.04 will take the parity higher towards key resistances around 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
- Alternatively, a daily close below 14.04 will drag the parity down towards key supports at 13.94, 13.70, 13.46, 13.38, 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.
We prefer to take long position on USD/ZAR around 14.05, stop loss 13.94 and target of 14.23/14.32 mark.
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