- USD/ZAR is currently trading around 11.51 levels.
- It made intraday high at 11.57 and low at 11.50 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 11.70 mark.
- A daily close above 11.54 will take the parity higher towards key resistances around 11.70, 11.96, 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 11.54 will drag the parity down towards key supports at 11.24, 11.08, 10.90 and 10.60 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 11.55, stop loss at 11.70 and target of 11.24.
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