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FxWirePro: South African rand trades marginally higher ahead of CPI, core CPI data

  • USD/ZAR is currently trading around 14.02 levels.
  • It made intraday high at 14.13 and low at 14.03 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 14.17 mark.
     
  • A daily close above 14.08 will take the parity higher towards key resistances around 14.17, 14.40, 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
     
  • Alternatively, a daily close below 14.08 will drag the parity down towards key supports at 13.90, 13.77, 13.68 and 13.56 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • South Africa will release CPI as well as core CPI data at 0800 GMT.

We prefer to take short position on USD/ZAR around 14.08, stop loss at 14.22 and target of 13.90/13.68.

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