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 re…
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.
