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

• USD/ZAR is currently trading around 14.06 levels.

• It made intraday high at 14.07 and low at 14.00 levels.
   
• Intraday bias remains bullish till the time pair holds key support 13.90 mark.
   
• A daily close above 14.12 will take the parity higher towards key resistances around 14.27, 14.38 and 14.64 marks respectively.
   
• Alternatively, a daily close below 14.02 will drag the parity down towards key supports at 13.90, 13.70, 13.50, 13.36, 13.22, 13.07, 12.94 and 12.66 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 correcton only.
   
• South Africa will release CPI as well as core CPI data at 0800 GMT.

We prefer to take long position on USD/ZAR around 14.02, stop loss at 13.87 and target of 14.64.