FxWirePro: USD/ZAR rejects key support at 12.02 mark, short term trend reversal likely

• USD/ZAR is currently trading around 12.10 levels.

• It made intraday high at 12.11 and low at 12.04 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 12.02 mark.
   
• A daily close above 12.04 will take the parity higher towards key resistances around 12.14, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively
   
• Alternatively, a daily close below 12.04 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. Current upside movement is short term trend correction only.

We prefer to take short position in USD/ZAR only below 12.04, stop loss at 12.25 and target of 11.73 mark.

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