- USD/ZAR is currently trading around 11.06 levels.
- It made intraday high at 12.07 and low at 12.01 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 12.11 mark.
- A daily close above 12.11 will take the parity higher towards key resistances around 12.11, 12.25, 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 11.73, 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 long position on USD/ZAR only above 12.11, stop loss at 11.98 and target of 12.45.
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