FxWirePro: USD/ZAR remains well supported below 12.00 mark, stay bearish only below 11.90 mark

• USD/ZAR is currently trading around 11.93 levels.

• It made intraday high at 11.97 and low at 11.93 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 12.10 mark.
   
• A daily close above 12.02 will take the parity higher towards key resistances around 12.10, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.90 will drag the parity down towards k-ey supports at 11.82, 11.70, 11.53, 11.24, 11.08, 10.90 and 10.60 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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