FxWirePro: South African rand trades almost flat ahead of CPI, core CPI data
USD/ZAR is currently trading around 14.42 levels. It made intraday high at 14.43 and low at 14.34 levels. Intraday bias remains neutral for the moment. A daily close above 14.38 will take the parity higher towards key re…
It made intraday high at 14.43 and low at 14.34 levels.
Intraday bias remains neutral for the moment.
A daily close above 14.38 will take the parity higher towards key resistances around 14.52, 14.72, 14.90, 15.18, 15.44, 15.98 and 16.24 marks respectively.
Alternatively, a daily close below 14.38 will drag the parity down towards key supports at 14.20, 14.05, 13.65, 13.50, 13.40, 13.22, 13.10, 12.99 and 12.70 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
South Africa will release CPI as well as core CPI data at 0800 GMT.
We prefer to take short position on USD/ZAR around 14.45, stop loss at 14.52 and target of 14.20.
