FxWirePro: South African Rand erases previous gain against U.S. Dollar, short term trend reversal likely
Source: FxWire Pro - Technicals / 19 Dec 2017 02:14:52 Eastern Standard Time
- USD/ZAR is currently trading around 12.84 levels.
- It made intraday high at 12.85 and low at 12.69 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 12.72 mark.
- A daily close above 12.72 will take the parity higher towards key resistances around 12.90, 13.15, 13.52, 13.75, 13.82, 13.94, 14.11, 14.23, 14.45, 14.51, 14.57, 14.68 and 14.77 marks respectively.
- Alternatively, a daily close below 12.72 will drag the parity down towards key supports at 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/ZAR around 12.90, stop loss 13.15 and target of 12.48/12.30 mark.
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