- 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 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.
