FxWirePro: USD/ZAR hovers around fresh 3-week high at 12.02 mark, sustained close above requires for upside rally
Source: FxWire Pro - Technicals / 05 Mar 2018 02:49:26 Eastern Standard Time
- USD/ZAR is currently trading around 12.00 levels.
- It made intraday high at 12.02 and low at 11.88 levels.
- Intraday bias remains bullish till the time pair holds key support at 11.82 mark.
- A daily close above 11.92 will take the parity higher towards key resistances around 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 11.82 will drag the parity down towards key supports at 11.53, 11.24, 11.08, 10.90 and 10.60 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.
- South Africa Feb std bank whole econ PMI increase to 51.4 vs previous 49.
We prefer to take long position on USD/ZAR around 11.98, stop loss at 11.82 and target of 12.20.
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