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FxWirePro: USD/ZAR remains well supported below 13.00 mark, good to sell on rallies

  • USD/ZAR is currently trading around 12.89 levels.
  • It made intraday high at 12.91 and low at 12.86 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 13.16 marks.     
      
  • A daily close above 12.89 will take the parity higher towards key resistances around 13.06, 13.20, 13.31, 13.42, 13.58, 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 12.89 will drag the parity down towards key supports at 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.

We prefer to take short position in USD/ZAR around 12.90, stop loss at 13.06 and target of 12.70.

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