FxWirePro: USD/ZAR hovers around key resistance at 12.02 mark, sustained close above requires for upside rally

• USD/ZAR is currently trading around 12.00 levels.

• It made intraday high at 12.05 and low at 11.97 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 12.02 mark.
   
• A daily close above 12.02 will take the parity higher towards key resistances around 12.10, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 12.02 will drag the parity down towards key supports at 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.
   
• South Africa March net $gold & forex reserves increase to 43.384 bln us vs previous 43.272 bln us.
   
• South Sfrica March gross $gold & forex reserves decrease to 49.979 bln us vs previous 50.051 bln us.

We prefer to take long position on USD/ZAR only above 12.10, stop loss at 11.87 and target of 12.20.

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