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- USD/ZAR is currently trading around 13.17 levels.
- It made intraday high at 13.20 and low at 12.94 levels.
- Intraday bias remains bullish till the time pair holds key support at 12.70 mark.
- A daily close above 12.97 will take the parity higher towards key resistances around 13.20, 13.53, 13.80 and 14.01 marks respectively.
- Alternatively, a daily close below 12.97 will drag the parity down towards key supports at 12.70, 12.51, 12.40, 12.20, 12.02, 11.94 and 11.84 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 13.10, stop loss 12.90 and target of 13.53/13.80.
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