- USD/ZAR is currently trading around 12.06 levels.
- It made intraday high at 12.08 and low at 12.00 levels.
- Intraday bias remains bullish for the movement.
- A daily close above 12.07 will take the parity higher towards key resistances around 12.15, 12.25, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 12.07 will drag the parity down towards key supports at 11.82, 11.73, 11.55 and 11.24 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 12.05, stop loss at 11.82 and target of 12.32.
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