FxWirePro: South African rand depreciates around 1 pct against U.S. dollar, bias remains bullish

• USD/ZAR is currently trading around 12.59 levels.

• It made intraday high at 12.59 and low at 12.43 levels.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above 12.46 will take the parity higher towards key resistances around 12.70, 12.89, 12.96 and 13.15 marks respectively.
   
• Alternatively, a daily close below 12.46 will drag the parity down towards key supports at 12.40, 12.20, 12.02, 11.94 and 11.84 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 12.57, stop loss at 12.40 and target of 12.96.

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