FxWirePro: South African rand trades flat ahead of CPI, core CPI data
USD/ZAR is currently trading around 18.90 levels. It made intraday high at 19.06 and low at 18.88 levels. Intraday bias remains neutral till the time pair holds key resistance at 18.94 mark. A daily close above 18.94 wil…
It made intraday high at 19.06 and low at 18.88 levels.
Intraday bias remains neutral till the time pair holds key resistance at 18.94 mark.
A daily close above 18.94 will the parity higher towards key resistances around 19.11, 19.32 and 19.54 marks respectively.
Alternatively, a daily close below 18.94 will drag the parity down towards key supports at 18.72, 18.40, 18.02, 17.91, 17.70, 17.30 and 17.02 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Africa will release CPI as well as core CPI data around 0800 GMT.
We prefer to take long position on USD/ZAR only above 19.11, stop loss at 18.70 and target of 19.32/19.54.
