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- USD/ZAR is currently trading around 12.92 levels.
- It made intraday high at 12.95 and low at 12.88 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 13.05 mark.
- A daily close above 12.94 will take the parity higher towards key resistances around 13.05, 13.21, 13.30, 13.55, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
- Alternatively, a daily close below 12.94 will drag the parity down towards key supports at 12.82, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
We prefer to take short position in USD/ZAR only below 12.88, stop loss 13.05 and target of 12.82.
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