FxWirePro: USD/ZAR rejects key resistance at 12.89 mark, short term trend reversal likely

• USD/ZAR is currently trading around 12.61 levels.

• It made intraday high at 12.68 and low at 12.57 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 12.76 mark.
   
• A daily close above 12.76 will take the parity higher towards key resistances around 12.89, 12.96 and 13.15 marks respectively.
   
• Alternatively, a daily close below 12.67 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. Current downside movement is short term trend correction only.
  
  We prefer to take short position on USD/ZAR  only below 12.50, stop loss at 12.76 and target of 12.20.

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