- USD/ZAR is currently trading around 14.69 levels.
- It made intraday high at 14.76 and low at 14.65 levels.
- Intraday bias remains bearish for the moment.
- A daily close below 14.65 will drag the parity down towards key supports at 14.43(20D EMA) and 14.19 levels respectively.
- Alternatively, a daily close above 14.85 will take the parity higher towards key resistances around 14.96, 15.09, 15.32, 15.54, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
- South Africa will release CPI as well as core CPI data within few minutes. This will provide further directions to the parity.
We prefer to take short position on USD/ZAR only below 14.64 with stop loss at 14.96 and target of 14.43/ 14.19 marks.
