FxWirePro: South African rand trades flat ahead of repo rate decision

• USD/ZAR is currently trading around 13.90 levels.

• It made intraday high at 13.96 and low at 13.87 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 13.87 will take the parity higher towards key resistances around 14.02, 14.17, 14.40, 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
   
• Alternatively, a daily close below 13.87 will drag the parity down towards key supports at 13.77, 13.68 and 13.56 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 repo rate as well as prime rate data at 1300 GMT.

We prefer to take short position on USD/ZAR only below 13.87, stop loss at 14.02 and target of 13.68.