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- USD/ZAR is currently trading around 12.58 levels.
- It made intraday high at 12.70 and low at 12.58 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 12.70 mark.
- A daily close above 12.69 will take the parity higher towards key resistances around 12.78, 12.86, 12.96 and 13.15 marks respectively.
- Alternatively, a daily close below 12.69 will drag the parity down towards key supports at 12.54, 12.42, 12.30, 12.20, 12.02, 11.94, 11.84, 11.70, 11.62 and 11.53 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 12.62, stop loss at 12.70 and target of 12.54/12.42.
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