FxWirePro: USD/ZAR fails to find support below 12.26 mark, stay neutral
Source: FxWire Pro - Technicals / 17 Jan 2018 02:31:30 Eastern Standard Time
- USD/ZAR is currently trading around 12.30 levels.
- It made intraday high at 12.31 and low at 12.21 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 12.45 will take the parity higher towards key resistances around 12.61, 12.77, 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 12.26 will drag the parity down towards key supports at 12.22, 12.14 and 12.01 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Africa will release retail sales data at 1100 GMT.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
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