FxWirePro: USD/ZAR hovers around 11.50 mark, faces strong support at 11.24 mark
USD/ZAR is currently trading around 11.57 levels. It made intraday high at 11.55 and low at 11.62 levels. Intraday bias remains bearish till the time pair holds key resistance at 11.82 mark. A daily close above 11.61 wil…
It made intraday high at 11.55 and low at 11.62 levels.
Intraday bias remains bearish till the time pair holds key resistance at 11.82 mark.
A daily close above 11.61 will take the parity higher towards key resistances around 11.82, 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
Alternatively, a daily close below 11.61 will drag the parity down towards key supports at 11.62, 11.55 and 11.24 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 short position on USD/ZAR around 11.60, stop loss at 11.82 and target of 11.24 mark.
