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South African rand continues to fall against US dollar despite positive PPI figures

  • 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.

 

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