FxWirePro: USD/ZAR trades in narrow range, bias remains neutral

• USD/ZAR is currently trading around 14.08 levels.

• It made intraday high at 14.13 and low at 14.07 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 14.09 will take the parity higher towards key resistances around 14.20, 14.32, 14.49, 14.68 and 14.77 marks respectively.
   
• Alternatively, a daily close below 14.09 will drag the parity down towards key supports at 13.98, 13.70, 13.46, 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. Current downside movement is short term trend correction only.
   
• South Africa Sep M3 money supply y/y increase to 6.72 % (forecast 6.38 %) vs previous 6.48 %.
   
• South Africa Sep private sector credit extension decrease to 5.59 % (forecast 5.19 %) vs previous 5.98 %.

We prefer to take long position on USD/ZAR only above 14.15, stop loss 13.98 and target of 14.35/14.68.

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