FxWirePro: South African rand trades marginally lower against U.S. dollar, faces strong resistance at 12.15 mark
USD/ZAR is currently trading around 11.98 levels. It made intraday high at 12.03 and low at 11.91 levels. Intraday bias remains bullish for the movement. A daily close above 11.93 will take the parity higher towards key …
It made intraday high at 12.03 and low at 11.91 levels.
Intraday bias remains bullish for the movement.
A daily close above 11.93 will take the parity higher towards key resistances around 12.04, 12.15, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
Alternatively, a daily close below 11.93 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. Current upside movement is short term trend correction only.
South Africa Dec private sector credit extension increase to 6.72 % (forecast 6.05 %) vs previous 6.45 %.
South Africa Dec M3 money supply y/y decrease to 6.41 % (forecast 6.5 %) vs previous 6.61 %.
We prefer to take long position in USD/ZAR around 12.00, stop loss at 11.89 and target of 12.15.
