FxWirePro: USD/ZAR remains well supported above 13.50 mark, good to buy on dips

• USD/ZAR is currently trading around 13.57 levels.

• It made intraday high at 13.57 and low at 13.55 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 13.38 mark.
   
• A daily close above 13.56 will take the parity higher towards key resistances around 13.70, 13.80, 13.95, 14.15 and 14.32 marks respectively.
   
• Alternatively, a daily close below 13.56 will drag the parity down towards key supports at 13.38, 13.20, 13.01, 12.96, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Yesterday South Africa released CPI as well as core CPI data.
   
• South Africa Sep CPI m/m increase to 0.5 % (forecast 0.30 %) vs previous 0.10 %.
   
• South Africa Sep core inflation m/m increase to 0.4 % (forecast 0.3 %) vs previous 0.1 %.

We prefer to take long position on USD/ZAR around 13.48, stop loss 13.38 and target of 13.80.

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