• FxWirePro: USD/ZAR fails to find support above 19.18 Mark, short term trend reversal likely

    Source: FxWire Pro - Technicals / 27 Apr 2020 07:00:50   America/New_York

    • USD/ZAR is currently trading around 18.82 levels.
    • It made intraday high at 19.06 and low at 18.80 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 19.18 mark.
       
    • A daily close above 19.08 will the parity higher towards key resistances around 19.18, 19.32, 19.54 and 19.77 marks respectively.
       
    • Alternatively, a daily close below 18.76 will drag the parity down towards key supports at 18.40, 18.02, 17.91, 17.70, 17.30 and 17.02 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 short position on USD/ZAR around 18.85, stop loss at 19.18 and target of 18.40.

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