FxWirePro: USD/ZAR hovers around key resistance 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 12.05 and low at 11.97 levels. Intraday bias remains neutral till the time pair holds key support at 12.02 mark. A daily close above 12.02 will t…
It made intraday high at 12.05 and low at 11.97 levels.
Intraday bias remains neutral till the time pair holds key support at 12.02 mark.
A daily close above 12.02 will take the parity higher towards key resistances around 12.10, 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 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 March net $gold & forex reserves increase to 43.384 bln us vs previous 43.272 bln us.
South Sfrica March gross $gold & forex reserves decrease to 49.979 bln us vs previous 50.051 bln us.
We prefer to take long position on USD/ZAR only above 12.10, stop loss at 11.87 and target of 12.20.
