FxWirePro: USD/ZAR exhibits range bound movement, South Africa’s unemployment rate in focus

• USD/ZAR is currently trading around 12.95 levels.

• It made intraday high at 12.97 and low at 12.90 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 13.05 mark.
   
• A daily close above 12.95 will take the parity higher towards key resistances around 13.05, 13.21, 13.30, 13.55, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
   
• Alternatively, a daily close below 12.87 will drag the parity down towards key supports at 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.
   
• South Africa will release unemployment rate at 0900 GMT.

We prefer to take short position in USD/ZAR only below 12.87, stop loss 13.05 and target of 12.70.

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