- USD/ZAR is currently trading around 12.41 levels.
- It made intraday high at 12.46 and low at 12.40 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 12.43 will take the parity higher towards key resistances around 12.52, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 12.43 will drag the parity down towards key supports at 12.32, 12.20, 12.02, 11.94, 11.84, 11.70, 11.62 and 11.53 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.
We prefer to take short position on USD/ZAR around 12.42, stop loss at 12.50 and target of 12.25.
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