FxWirePro: South African rand trades almost flat ahead of gold production, manufacturing production data

• USD/ZAR is currently trading around 14.37 levels.

• It made intraday high at 14.39 and low at 14.33 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 14.37 will take the parity higher towards key resistances around 14.50, 14.78 and 14.99 marks respectively.
   
• Alternatively, a daily close below 14.37 will drag the parity down towards key supports at 14.22, 14.08, 13.94, 13.72 and 13.53 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 will release gold production data at 0930 GMT and manufacturing production data at 1100 GMT.

We prefer to take long position on USD/ZAR only above 14.50, stop loss at 14.22 and target of 14.99.