FxWirePro: USD/ZAR remains well supported below 14.50 Mark, bias remains bearish
Source: FxWire Pro - Technicals / 22 Oct 2018 03:33:24 America/New_York
- USD/ZAR is currently trading around 14.27 levels.
- It made intraday high at 14.43 and low at 14.26 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 14.50 mark.
- A daily close above 14.50 will take the parity higher towards key resistances around 14.62, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
- Alternatively, a daily close below 14.15 will drag the parity down towards key supports at 14.02, 13.90, 13.82, 13.68 and 13.56 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 14.30, stop loss at 14.50 and target of 14.02.© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.