- USD/ZAR is currently trading around 13.14 levels.
- It made intraday high at 13.16 and low at 13.11 levels.
- Intraday bias remains bullish till the time pair holds key support at 12.95 mark.
- A daily close above 13.13 will take the parity higher towards key resistances around 13.22, 13.30, 13.52, 13.62, 13.70 and 13.90 ma markets respectively.
- Alternatively, a daily close below 13.13 will drag the parity down towards key supports at 12.95, 12.87, 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. Current upside movement is short term trend correction only.
- South Africa will release current account data at 0800 GMT.
We prefer to take long position on USD/ZAR only above 13.22 mark, stop loss 12.95 and target of 13.52.
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