FxWirePro: South African rand trades marginally lower after CPI, core CPI data

• USD/ZAR is currently trading around 13.23 levels.

• It made intraday high at 13.25 and low at 13.13 levels.
   
• Intraday bias remains bullish for the moment.
   
• A daily close above 13.21 will take the parity higher towards key resistances around 13.30, 13.52, 13.62, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
   
• Alternatively, a daily close below 13.21 will drag the parity down towards key supports at 13.05, 12.95, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 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 July CPI m/m increase to 0.3 % (forecast 0.30 %) vs previous 0.2 %.
   
• South Africa July CPI y/y decrease to 4.6 % (forecast 4.6 %) vs previous 5.1 %.
   
• South Africa July core inflation m/m increase to 0.5 % (forecast 0.5 %) vs previous 0.4 %.

We prefer to take long position on USD/ZAR around 13.22 mark, stop loss 13.01 and target of 13.50.

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