- USD/ZAR is currently trading around 12.71 levels.
- It made intraday high at 12.76 and low at 12.69 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 12.76 will take the parity higher towards key resistances around 12.89, 12.96 and 13.15 marks respectively.
- Alternatively, a daily close below 12.76 will drag the parity down towards key supports at 12.51, 12.40, 12.20, 12.02, 11.94 and 11.84 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- South Africa will release manufacturing production data at 1100 GMT.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
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