FxWirePro: South African rand trades marginally higher ahead of PPI data
USD/ZAR is currently trading around 15.26 levels. It made intraday high at 15.31 and low at 15.23 levels. Intraday bias remains bearish till the time pair holds key resistance at 15.40 mark. A daily close above 15.40 wil…
It made intraday high at 15.31 and low at 15.23 levels.
Intraday bias remains bearish till the time pair holds key resistance at 15.40 mark.
A daily close above 15.40 will take the parity higher towards key resistances around 15.70, 15.92 and 16.10 marks respectively.
Alternatively, a daily close below 15.20 will drag the parity down towards key supports at 15.02, 14.94, 14.72, 14.50, 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 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 PPI data around 0930 GMT.
We prefer to take long position on USD/ZAR only above 15.35, stop loss at 15.20 and target of 15.40/15.70.
