- USD/ZAR is currently trading around 12.49 levels.
- It made intraday high at 12.55 and low at 12.46 levels.
- Intraday bias remains neutral till the time pair holds key support at 12.50 mark.
- A daily close above 12.51 will take the parity higher towards key resistances around 12.70, 12.89, 12.96 and 13.15 marks respectively.
- Alternatively, a daily close below 12.51 will drag the parity down towards key supports at 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. Current downside movement is short term trend correction only.
- South Africa will release PPI data at 0930 GMT.
We prefer to take short position on USD/ZAR around 12.50, stop loss at 12.72 and target of 12.20.
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