- USD/ZAR is currently trading around 11.94 levels.
- It made intraday high at 11.99 and low at 11.87 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 12.15 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 11.92 will drag the parity down towards key supports at 11.82, 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 unemployment data at 0930 GMT.
We prefer to take short position on USD/ZAR only below 11.87, stop loss at 12.15 and target of 11.73.
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