FxWirePro: South African rand rises after CPI, core CPI data

• USD/ZAR is currently trading around 13.96 levels.

• It made intraday high at 14.04 and low at 13.92 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 14.10 mark.
   
• A daily close above 14.02 will take the parity higher towards key resistances around 14.10, 14.22, 14.32, 14.40, 14.75, 14.94 and 15.26 marks respectively.
   
• Alternatively, a daily close below 13.90 will drag the parity down towards key supports at 13.78, 13.70 and 13.50 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• South Africa March 2019 CPI yy increase to 4.5 % (forecast 4.6 %) vs previous 4.1 %.
   
• South Africa March 2019 CPI mm stays flat at 0.8 % (forecast 0.8 %) vs previous 0.8 %.
   
• South Africa March 2019 core inflation yy stays flat at 4.4 % (forecast 4.5 %) vs previous 4.4 %.
   
• South Africa March 2019 core inflation mm decrease to 0.7 % (forecast 0.8 %) vs previous 1.1 %.

We prefer to take short position on USD/ZAR only below 13.87, stop loss at 14.10 and target of 13.50.