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- USD/ZAR is currently trading around 11.96 levels.
- It made intraday high at 11.99 and low at 11.93 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 11.92 mark.
- A daily close above 11.92 will take the parity higher towards key resistances around 12.02, 12.10, 12.21, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 11.92 will drag the parity down towards key supports at 11.84, 11.70, 11.62, 11.53, 11.24, 11.08, 10.90 and 10.60 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 will release gold production as well as mining production data at 0930 GMT.
We prefer to take short position on USD/ZAR only below 11.92, stop loss at 12.12 and target of 11.62.
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