- USD/ZAR is currently trading around 12.93 levels.
- It made intraday high at 12.98 and low at 12.92 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.02 mark.
- A daily close above 12.97 will take the parity higher towards key resistances around 13.07, 13.13, 13.22, 13.30, 13.52, 13.62, 13.70 and 13.90 ma markets respectively.
- Alternatively, a daily close below 12.97 will drag the parity down towards key supports at 12.82, 12.70, 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 on USD/ZAR around 12.95 mark, stop loss 13.02 and target of 12.70.
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