FxWirePro: South African rand trades marginally lower against U.S. dollar, faces strong resistance at 12.15 mark

• USD/ZAR is currently trading around 11.98 levels.

• It made intraday high at 12.03 and low at 11.91 levels.
   
• Intraday bias remains bullish for the movement.
   
• A daily close above 11.93 will take the parity higher towards key resistances around 12.04, 12.15, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.93 will drag the parity down towards key supports at 11.82, 11.73, 11.55 and 11.24 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.
   
• South Africa Dec private sector credit extension increase to 6.72 % (forecast 6.05 %) vs previous 6.45 %.
   
• South Africa Dec M3 money supply y/y decrease to 6.41 % (forecast 6.5 %) vs previous 6.61 %.

We prefer to take long position in USD/ZAR around 12.00, stop loss at 11.89 and target of 12.15.

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