FxWirePro: South African rand marginally higher against U.S. dollar, stay bearish only below 12.92 mark

• USD/ZAR is currently trading around 13.01 levels.

• It made intraday high at 13.03 and low at 12.97 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 12.92 mark.
   
• A daily close above 13.01 will take the parity higher towards key resistances around 13.08, 13.14, 13.23, 13.31, 13.42, 13.58, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
   
• Alternatively, a daily close below 12.92 will drag the parity down towards key supports at 12.82, 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.
   
• South Africa May private sector credit ext. increase to 6.69 % (forecast 6.00 %) vs previous 5.90 %.
   
• South Africa May M3 money supply y/y increase to 5.98 % (forecast 5.30 %) vs previous 5.34 % (revised from 5.33 %).

We prefer to take short position in USD/ZAR only below 12.92, stop loss at 13.08 and target of 12.70/12.55.

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