FxWirePro: South African rand erases previous gain against U.S. dollar, short term trend reversal likely

• USD/ZAR is currently trading around 12.84 levels.

• It made intraday high at 12.85 and low at 12.69 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 12.72 mark.
   
• A daily close above 12.72 will take the parity higher towards key resistances around 12.90, 13.15, 13.52, 13.75, 13.82, 13.94, 14.11, 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
   
• Alternatively, a daily close below 12.72 will drag the parity down towards key supports at 12.70, 12.48, 12.30, 12.22 and 12.14 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 12.90, stop loss 13.15 and target of 12.48/12.30  mark.

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