FxWirePro: USD/ZAR exhibits range bound movement, South Africa’s inflation data in focus
Wednesday, May 24, 2017 6:49 AM UTC
- USD/ZAR is currently trading around 13.11 levels.
- It made intraday high at 13.16 and low at 13.05 levels.
- Intraday bias remains neutral till the time pair holds key support at 13.00 marks.
- A daily close above 13.06 will take the parity higher towards key resistances around 13.20, 13.31, 13.42, 13.58, 13.70, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
- Alternatively, a daily close below 13.06 will drag the parity down towards key supports at 12.95, 12.87, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- South Africa will release CPI as well as core CPI data at 0800 GMT.
We prefer to take short position in USD/ZAR only below 13.00, stop loss at 13.31 and target of 12.87/12.70.