FxWirePro: South African rand trades marginally higher ahead of CPI, core CPI data

• USD/ZAR is currently trading around 13.91 levels.

• It made intraday high at 13.92 and low at 13.91 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A daily close above 13.98 will take the parity higher towards key resistances around 14.02, 14.12, 14.32, 14.50, 14.78 and 14.99 marks respectively.
   
• Alternatively, a daily close below 13.98 will drag the parity down towards key supports at 13.70, 13.53, 13.26 and 13.07 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 long position on USD/ZAR only above 14.02, stop loss at 13.70 and target of 14.32.