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- USD/ZAR is currently trading around 12.03 levels.
- It made intraday high at 12.05 and low at 12.02 levels.
- Intraday bias remains neutral till the time pair holds key support at 12.02 mark.
- A daily close above 12.10 will take the parity higher towards key resistances around 12.15, 12.21, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 12.02 will drag the parity down towards key supports at 11.92, 11.84, 11.70, 11.62, 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. Current upside movement is short term trend correction only.
We prefer to take short position on USD/ZAR only below 12.02, stop loss at 12.10 and target of 11.92/11.70.
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