FxWirePro: South African rand rises gradually against U.S. dollar, hits strongest level since May 2015

• USD/ZAR is currently trading around 12.06 levels.

• It made intraday high at 12.12 and low at 12.02 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 12.14 will take the parity higher towards key resistances around 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 12.14 will drag the parity down towards key supports at 12.02, 11.73, 11.55 and 11.24 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 in USD/ZAR around 12.09, stop loss at 12.35 and target of 11.73 mark.

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