- 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.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
