FxWirePro: USD/ZAR moves in rigid boundaries, faces strong resistance at 12.20 mark

• USD/ZAR is currently trading around 11.94 levels.

• It made intraday high at 12.02 and low at 11.92 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 12.20 mark.
   
• A daily close above 12.20 will take the parity higher towards key resistances around 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 short position on USD/ZAR around 12.00, stop loss at 12.20 and target of 11.82/11.73.

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