FxWirePro: USD/ZAR moves in narrow range, consistent close below 11.61 requires for downside rally
Source: FxWire Pro - Technicals / 22 Feb 2018 02:16:33 Eastern Standard Time
- USD/ZAR is currently trading around 11.68 levels.
- It made intraday high at 11.69 and low at 11.65 levels.
- Intraday bias remains neutral till the time pair holds key support at 11.65 mark.
- A daily close above 11.65 will take the parity higher towards key resistances around 11.78, 11.96, 12.02, 12.20, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
- Alternatively, a daily close below 11.65 will drag the parity down towards key supports at 11.55, 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.
We prefer to take short position on USD/ZAR only below 11.65, stop loss at 11.78 and target of 11.24.
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