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- 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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