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- USD/ZAR is currently trading around 12.02 levels.
- It made intraday high at 12.04 and low at 12.00 levels.
- Intraday bias remains neutral till the time pair holds key support at 12.00 mark.
- A daily close above 12.02 will take the parity higher towards key resistances around 12.14, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 12.02 will drag the parity down towards key supports at 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.
- South Africa will release CPI as well as core CPI data at 0800 GMT.
We prefer to take short position in USD/ZAR around 12.08, stop loss at 12.25 and target of 11.73 mark.
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