FxWirePro: South African rand trades almost flat ahead of PPI, trade balance data
USD/ZAR is currently trading around 13.96 levels. It made intraday high at 13.96 and low at 13.91 levels. Intraday bias remains bullish till the time pair holds key support at 13.82 mark. A daily close above 13.93 will t…
It made intraday high at 13.96 and low at 13.91 levels.
Intraday bias remains bullish till the time pair holds key support at 13.82 mark.
A daily close above 13.93 will take the parity higher towards key resistances around 14.07, 14.27, 14.38 and 14.64 marks respectively.
Alternatively, a daily close below 13.93 will drag the parity down towards key supports at 13.78, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Africa willrelease PPI data at 0930 GMT and trade balance data at 1200 GMT.
We prefer to take long position on USD/ZAR around 13.94, stop loss at 13.82 and target of 14.07/14.27.
