FxWirePro: USD/ZAR breaks key resistance at 12.96 mark, short term trend reversal likely

• USD/ZAR is currently trading around 13.03 levels.

• It made intraday high at 13.04 and low at 12.95 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 12.87 mark.
   
• A daily close above 13.00 will take the parity higher towards key resistances around 13.07, 13.13, 13.22, 13.30, 13.52, 13.62, 13.70 and 13.90 ma markets respectively.
   
• Alternatively, a daily close below 13.00 will drag the parity down towards key supports at 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 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.

We prefer to take long position on USD/ZAR around 12.98 mark, stop loss 12.87 and target of 13.22.

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