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- USD/ZAR is currently trading around 11.57 levels.
- It made intraday high at 11.55 and low at 11.62 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 11.82 mark.
- A daily close above 11.61 will take the parity higher towards key resistances around 11.82, 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 11.61 will drag the parity down towards key supports at 11.62, 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.
We prefer to take short position on USD/ZAR around 11.60, stop loss at 11.82 and target of 11.24 mark.
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