• 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.

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