• USD/ZAR is currently trading around 12.87 levels.

• It made intraday high at 12.88 and low at 12.73 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 12.67 mark.  
   
• A daily close above 12.82 will take the parity higher towards key resistances around 12.95, 13.14, 13.21, 13.31, 13.42, 13.58, 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 12.82 will drag the parity down towards key supports at 12.67, 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. Current upside movement is short term trend correction only.
   
• South Africa Q1 GDP q/q annualised decrease to -0.7 % (forecast 0.9 %) vs previous -0.3 %.
   
• South Africa Q1 GDP y/y increase to 1.0 % (forecast 1.0 %) vs previous 0.7 %.
   
• South Africa May net $gold & forex reserves increase to 42.016 bln $ (forecast 41.800 bln $) vs previous 41.728 bln $.
   
• South Africa May gross $ gold & forex reserves increase to 47.241 bln $ (forecast 46.550 bln $) vs previous 46.690 bln $.
  
  We prefer to take short position in USD/ZAR around 12.92, stop loss at 13.14 and target of 12.67/12.48.