FxWirePro: USD/ZAR moves in stiff boundaries, faces key resistance at 12.70 mark
USD/ZAR is currently trading around 12.65 levels. It made intraday high at 12.67 and low at 12.53 levels. Intraday bias remains bullish till the time pair holds key support at 12.50 mark. A daily close above 12.56 will t…
It made intraday high at 12.67 and low at 12.53 levels.
Intraday bias remains bullish till the time pair holds key support at 12.50 mark.
A daily close above 12.56 will take the parity higher towards key resistances around 12.70, 12.89, 12.96 and 13.15 marks respectively.
Alternatively, a daily close below 12.56 will drag the parity down towards key supports at 12.50, 12.38, 12.20, 12.02, 11.94 and 11.84 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/ZAR only above 12.70, stop loss at 12.50 and target of 13.02.
