FxWirePro: USD/ZAR remains well supported above 11.70 mark, short term trend reversal likely

• USD/ZAR is currently trading around 11.75 levels.

• It made intraday high at 11.78 and low at 11.74 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 11.62 mark.
   
• A daily close above 11.77 will take the parity higher towards key resistances around 11.92, 12.02, 12.10, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.77 will drag the parity down towards k-ey supports at 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.
   
• Yesterday South Africa released interest rate decision.
   
• South Africa March prime rate decrease to 10 % vs previous 10.25 %.
   
• South Africa March interest rate decrease to 6.5 % vs prev 6.75 %.
   
• South Africa Feb M3 money supply y/y increase to 6.89 % (forecast 5.95 %) vs previous 5.83 %.
   
• South Africa Feb private sector credit extension increase to 5.74 % (forecast 5.5 %) vs previous 5.54 %.

We prefer to take long position on USD/ZAR around 11.70, stop loss at 11.62 and target of 11.92/12.10.

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