FxWirePro: USD/ZAR hovers around fresh 3-week high at 12.02 mark, sustained close above requires for upside rally
USD/ZAR is currently trading around 12.00 levels. It made intraday high at 12.02 and low at 11.88 levels. Intraday bias remains bullish till the time pair holds key support at 11.82 mark. A daily close above 11.92 will t…
It made intraday high at 12.02 and low at 11.88 levels.
Intraday bias remains bullish till the time pair holds key support at 11.82 mark.
A daily close above 11.92 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 11.82 will drag the parity down towards key supports at 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 Feb std bank whole econ PMI increase to 51.4 vs previous 49.
We prefer to take long position on USD/ZAR around 11.98, stop loss at 11.82 and target of 12.20.
