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FxWirePro: USD/ZAR jumps above 12.40 mark, good to buy on dips

  • USD/ZAR is currently trading around 12.40 levels.
  • It made intraday high at 12.42 and low at 12.31 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 12.20 mark.
     
  • A daily close above 12.32 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 12.32 will drag the parity down towards key supports at 12.20, 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 up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/ZAR  around 12.38, stop loss at 12.25 and target of 12.77.

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