FxWirePro: USD/ZAR trades in narrow range, South Africa’s business confidence index in focus

• USD/ZAR is currently trading around 12.08 levels.

• It made intraday high at 12.17 and low at 12.05 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 11.98 mark.
   
• A daily close above 12.11 will take the parity higher towards key resistances around 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 12.11 will drag the parity down towards key supports at 11.98, 11.82, 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.
   
• South Africa will release business confidence index data at 0930 GMT.

We prefer to take short position on USD/ZAR only below 11.98, stop loss at 12.15 and target of 11.82.

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