FxWirePro: USD/ZAR rejects key resistance at 13.09 mark, bias turns bearish again
USD/ZAR is currently trading around 12.90 levels. It made intraday high at 12.92 and low at 12.85 levels. Intraday bias remains bearish till the time pair holds key resistance at 13.09 mark. A daily close above 12.88 wil…
It made intraday high at 12.92 and low at 12.85 levels.
Intraday bias remains bearish till the time pair holds key resistance at 13.09 mark.
A daily close above 12.88 will take the parity higher towards key resistances around 12.95, 13.09, 13.21, 13.30, 13.55, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
Alternatively, a daily close below 12.88 will drag the parity down towards key supports at12.70, 12.48, 12.30, 12.22 and 12.14 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 in USD/ZAR around 12.90, stop loss 13.00 and target of 12.70.
