FxWirePro: USD/ZAR trades in rigid boundaries, bias remains neutral
USD/ZAR is currently trading around 11.88 levels. It made intraday high at 11.90 and low at 11.82 levels. Intraday bias remains neutral for the movement. A daily close above 11.95 will take the parity higher towards key …
It made intraday high at 11.90 and low at 11.82 levels.
Intraday bias remains neutral for the movement.
A daily close above 11.95 will take the parity higher towards key resistances around 12.04, 12.15, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
Alternatively, a daily close below 11.82 will drag the parity down towards key supports at 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.
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.
