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

  • USD/ZAR is currently trading around 14.78 levels.
  • It made intraday high at 14.80 and low at 14.75 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 14.94 mark.
     
  • A daily close above 14.94 will take the parity higher towards key resistances around 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
     
  • Alternatively, a daily close below 14.69 will drag the parity down towards key supports at 14.40, 14.22, 14.15 and 13.83 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, core CPI data around 0800 GMT.

We prefer to take short position on USD/ZAR only below 14.75, stop loss at 14.94 and target of 14.40/14.22.

By Aarti Panchal
  • Market Data
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