FxWirePro: South African rand trades marginally higher ahead of CPI, core CPI data
USD/ZAR is currently trading around 14.02 levels. It made intraday high at 14.13 and low at 14.03 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 14.17 mark. A daily close above …
It made intraday high at 14.13 and low at 14.03 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 14.17 mark.
A daily close above 14.08 will take the parity higher towards key resistances around 14.17, 14.40, 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
Alternatively, a daily close below 14.08 will drag the parity down towards key supports at 13.90, 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 CPI as well as core CPI data at 0800 GMT.
We prefer to take short position on USD/ZAR around 14.08, stop loss at 14.22 and target of 13.90/13.68.
