- Pair is currently trading at 15.74 marks.
- It made intraday high at 15.76 and low at 15.58 levels.
- Today South Africa released PPI data at 1.6% m/m vs 0.2% previous release.
- In addition, PPI YoY released at 7.6% vs 4.8% previous release.
- South Africa's rand weakens more than 1 percent against dollar to 15.7600 despite positive PPI figures.
- Intraday bias remains bullish till the time pair holds key support level at 15.05 levels.
- Alternatively, current upward trend will drag the parity towards key resistance level at 17.76 levels.
We prefer to take long position in USD/ZAR around 15.60, stop loss 15.05 and target 16.55/16.82 thereafter.
