FxWirePro: South African rand trades marginally lower ahead of interest rate decision

• USD/ZAR is currently trading around 11.70 levels.

• It made intraday high at 11.71 and low at 11.62 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 11.60 mark.
   
• A daily close above 11.70 will take the parity higher towards key resistances around 11.92, 12.02, 12.10, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.66 will drag the parity down towards k-ey supports at 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.
   
• South Africa will release interest rate decision at 1300 GMT.

We prefer to take long position on USD/ZAR only above 11.74, stop loss at 11.60 and target of 11.92/12.10.

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