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FxWirePro: USD/ZAR moves in rigid boundaries, stay bearish only below 11.70 mark

  • USD/ZAR is currently trading around 11.85 levels.
  • It made intraday high at 11.87 and low at 11.82 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above 11.92 will take the parity higher towards key resistances around 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
     
  • Alternatively, a daily close below 11.70 will drag the parity down towards key supports at 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 short position on USD/ZAR only below 11.70, stop loss at 12.02 and target of 11.53/11.24.

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