FxWirePro: South African rand trades marginally higher as standard bank PMI data meets expectations

• USD/ZAR is currently trading around 14.76 levels.

• It made intraday high at 14.82 and low at 14.72 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 15.02 mark.
   
• A daily close above 14.73 will take the parity higher towards key resistances around 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
   
• Alternatively, a daily close below 14.73 will drag the parity down towards key supports at 14.40, 14.50, 14.22, 14.15 and 13.83 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 standard bank PMI stands at 49.4 vs 49.2 previous release.

We prefer to take short position on USD/ZAR around 14.80, stop loss at 15.02 and target of 14.50/14.40/14.22.