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

• USD/ZAR is currently trading around 12.01 levels.

• It made intraday high at 12.01 and low at 11.97 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 11.92 mark.
   
• A daily close above 12.02 will take the parity higher towards key resistances around 12.10, 12.21, 12.32, 12.45, 12.61, 12.77 and 12.90 marks respectively.
   
• Alternatively, a daily close below 11.92 will drag the parity down towards key supports at 11.84, 11.70, 11.62, 11.53, 11.24, 11.08, 10.90 and 10.60 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• South Africa will release CPI, core CPI data at 0730 GMT.

We prefer to take short position on USD/ZAR  only below 11.96, stop loss at 12.10 and target of 11.70.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest