FxWirePro: USD/ZAR moves in rigid boundaries, bias remains neutral
Source: FxWire Pro - Technicals / 14 Feb 2018 03:35:52 Eastern Standard Time
- USD/ZAR is currently trading around 11.87 levels.
- It made intraday high at 11.96 and low at 11.85 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 12.15 will take the parity higher towards key resistances around 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 11.73, 11.55 and 11.24 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
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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