FxWirePro: South African rand weakens against USD ahead of CPI data
USD/ZAR is currently trading around 13.98 levels. It made intraday high at 14.00 and low at 13.88 levels. Intraday bias remains bullish till the time pair holds key support at 13.64 levels. A daily close below 13.65 will…
It made intraday high at 14.00 and low at 13.88 levels.
Intraday bias remains bullish till the time pair holds key support at 13.64 levels.
A daily close below 13.65 will drag the parity down towards key supports at 13.38, 13.19, 13.00, 12.82 and 12.58 levels respectively.
On the other side, a daily close above 13.98 will take the parity higher towards key resistances around 14.06, 14.22, 14.48, 14.62, 14.75, 14.96, 15.05, 15.28, 15.45, 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks 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 as well as core CPI data 0800 GMT.
We prefer to go long on USD/ZAR only above 14.02, stop loss at 13.65 and target of 14.48.
