- USD/ZAR is currently trading around 12.98 levels.
- It made intraday high at 13.01 and low at 12.97 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 12.98 will take the parity higher towards key resistances around 13.09, 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 12.98 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.
We prefer to take long position in USD/ZAR only above 13.09, stop loss 12.87 and target of 13.30.
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