FxWirePro: USD/ZAR hovers around 15.00 mark, South Africa’s CPI data in focus
USD/ZAR is currently trading around 14.97 levels. It made intraday high at 15.01 and low at 14.95 levels. Intraday bias remains neutral till the time pair holds key resistance at 15.02 mark. A daily close above 15.02 wil…
It made intraday high at 15.01 and low at 14.95 levels.
Intraday bias remains neutral till the time pair holds key resistance at 15.02 mark.
A daily close above 15.02 will take the parity higher towards key resistances around 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
Alternatively, a daily close below 14.81 will drag the parity down towards key supports at 14.72, 14.50, 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 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 CPI as well as core CPI data around 0800 GMT.
We prefer to take long position on USD/ZAR only above 15.02, stop loss at 14.84 and target of 15.22/15.40.
