- USD/ZAR is currently trading around 12.31 levels.
- It made intraday high at 12.37 and low at 12.29 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 12.37 mark.
- A daily close above 12.34 will take the parity higher towards key resistances around 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 12.34 will drag the parity down towards key supports at 12.15, 12.02, 11.94, 11.84, 11.70, 11.62 and 11.53 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 12.30, stop loss at 12.40 and target of 12.02.
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