FxWirePro: South African rand strengthens against U.S. dollar, CPI data in focus
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 supp…
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.
