FxWirePro: South African rand weakens against U.S. dollar, faces strong resistance at 14.75

• USD/ZAR is currently trading around 14.45 levels.

• It made intraday high at 14.46 and low at 14.36 levels.
   
• Intraday bias remains bullish till the time pair holds major support at 14.27 levels.
   
• A daily close above 14.50 will take the parity higher towards key resistances around 14.68, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
   
• Alternatively, a daily close below 14.37 will drag the parity down towards key supports at 14.17, 13.90, 13.65, 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go long on USD/ZAR only above 14.46, stop loss at 14.17 and target of 14.68/14.96.