FxWirePro: South African rand trades marginally higher, good to sell on rallies
USD/ZAR is currently trading around 11.78 levels. It made intraday high at 11.76 and low at 11.75 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 12.02 mark. A daily close above …
It made intraday high at 11.76 and low at 11.75 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 12.02 mark.
A daily close above 11.82 will take the parity higher towards key resistances around 12.02, 12.10, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
Alternatively, a daily close below 11.82 will drag the parity down towards k-ey supports at 11.70, 11.53, 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 11.80, stop loss at 12.02 and target of 11.70/11.53.
