FxWirePro: South African rand trades marginally lower ahead of PPI data

     

• USD/ZAR is currently trading around 15.04 levels.

• It made intraday high at 15.06 and low at 14.97 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 14.90 mark.
   
• A daily close above 14.98 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 14.98 will drag the parity down towards key supports at 14.72, 14.55, 14.40, 14.22 and 14.05 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 will release PPI data around 0930 GMT.

We prefer to take long position on USD/ZAR around 15.00, stop loss at 14.90 and target of 15.22/15.40.