FxWirePro: USD/ZAR hits fresh 4-week high at 12.04 mark, stay bullish

• USD/ZAR is currently trading around 12.03 levels.

• It made intraday high at 12.04 and low at 11.94 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 11.87 mark.
   
• A daily close above 11.96 will take the parity higher towards key resistances around 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.96 will drag the parity down towards k-ey supports at 11.87, 11.70, 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.

We prefer to take long position on USD/ZAR around 12.00 mark, stop loss 11.87 and target of 12.32.

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