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FxWirePro: USD/ZAR hits fresh 2-month high at 12.15 mark, consistent close above requires for upside rally

  • USD/ZAR is currently trading around 12.14 levels.
  • It made intraday high at 12.15 and low at 12.04 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 11.94 mark.
     
  • A daily close above 12.08 will take the parity higher towards key resistances around 12.15, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
     
  • Alternatively, a daily close below 12.08 will drag the parity down towards key supports at 11.94, 11.84, 11.70, 11.62, 11.53, 11.24, 11.08, 10.90 and 10.60 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.

We prefer to take long position on USD/ZAR  around 12.10, stop loss at 11.94 and target of 12.45.

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