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FxWirePro: USD/ZAR takes halt around 14.05 mark, South Africa’s PPI data in focus

  • USD/ZAR is currently trading around 14.07 levels.
  • It made intraday high at 14.14 and low at 14.04 levels.
     
  • Intraday bias remains bearish for the moment.
     
  • A daily close above 14.09 will take the parity higher towards key resistances around 14.27, 14.50, 14.78 and 14.99 marks respectively.
     
  • Alternatively, a daily close below 14.09 will drag the parity down towards key supports at 13.94, 13.72 and 13.53 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 PPI data at 0930 GMT.

We prefer to take short position on USD/ZAR around 14.10, stop loss at 14.40 and target of 13.94/13.72.

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