FxWirePro: USD/ZAR exhibits range bound movement, South Africa’s inflation data in focus
USD/ZAR is currently trading around 13.11 levels. It made intraday high at 13.16 and low at 13.05 levels. Intraday bias remains neutral till the time pair holds key support at 13.00 marks. A daily close above 13.06 will …
It made intraday high at 13.16 and low at 13.05 levels.
Intraday bias remains neutral till the time pair holds key support at 13.00 marks.
A daily close above 13.06 will take the parity higher towards key resistances around 13.20, 13.31, 13.42, 13.58, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
Alternatively, a daily close below 13.06 will drag the parity down towards key supports at 12.95, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
South Africa will release CPI as well as core CPI data at 0800 GMT.
We prefer to take short position in USD/ZAR only below 13.00, stop loss at 13.31 and target of 12.87/12.70.
