FxWirePro: USD/ZAR hovers around 12.00 mark, South Africa’s CPI data in focus

• USD/ZAR is currently trading around 11.99 levels.

• It made intraday high at 12.04 and low at 11.97 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 12.02 mark.
   
• A daily close above 12.02 will take the parity higher towards key resistances around 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 12.02 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.
   
• South Africa will release CPI as well as core CPI data at 0800 GMT.

We prefer to take long position on USD/ZAR around 11.98 mark, stop loss 11.87 and target of 12.32.

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