FxWirePro: USD/ZAR fails to break key support at 11.92 mark, bias remains slightly bullish
USD/ZAR is currently trading around 11.96 levels. It made intraday high at 11.99 and low at 11.93 levels. Intraday bias remains slightly bullish till the time pair holds key support at 11.92 mark. A daily close above 11.…
It made intraday high at 11.99 and low at 11.93 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 11.92 mark.
A daily close above 11.92 will take the parity higher towards key resistances around 12.02, 12.10, 12.21, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
Alternatively, a daily close below 11.92 will drag the parity down towards key supports at 11.84, 11.70, 11.62, 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. Current upside movement is short term trend correction only.
South Africa will release gold production as well as mining production data at 0930 GMT.
We prefer to take short position on USD/ZAR only below 11.92, stop loss at 12.12 and target of 11.62.
