FxWirePro: USD/ZAR exhibits range bound movement, bias remains neutral

• USD/ZAR is currently trading around 11.90 levels.

• It made intraday high at 11.93 and low at 11.83 levels.
   
• Intraday bias remains neutral for the movement.
   
• A daily close above 12.02 will take the parity higher towards key resistances around 12.14, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.84 will drag the parity down towards key supports at 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.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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