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- USD/ZAR is currently trading around 12.42 levels.
- It made intraday high at 12.43 and low at 12.36 levels.
- Intraday bias remains bullish till the time pair holds key support at 12.30 mark.
- A daily close above 12.37 will take the parity higher towards key resistances around 12.52, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 12.37 will drag the parity down towards key supports at 12.20, 12.02, 11.94, 11.84, 11.70, 11.62 and 11.53 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/ZAR around 12.40, stop loss at 12.30 and target of 12.90.
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