FxWirePro: South African rand trades marginally lower despite robust standard bank whole econ PMI data

• USD/ZAR is currently trading around 14.14 levels.

• It made intraday high at 14.15 and low at 14.07 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 14.02 marks.
   
• A daily close above 14.12 will take the parity higher towards key resistances around 14.22, 14.40, 14.70, 14.94 and 15.26 marks respectively.
   
• Alternatively, a daily close below 14.06 will drag the parity down towards key supports at 14.02, 13.78 and 13.50 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• South African standard bank whole econ PMI data June at 49.7 vs previous 49.3.
   
• South Africa will release business confidence index data at 0930 GMT.

We prefer to take short position on USD/ZAR around 14.20, stop loss at 14.32 and target of 14.02/13.78.