- USD/ZAR is currently trading around 14.68 levels.
- It made intraday high at 14.68 and low at 14.57 levels.
- Intraday bias remains bullish till the time pair holds key support at 14.58 mark.
- A daily close above 14.58 will take the parity higher towards key resistances around 14.70, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 14.58 will drag the parity down towards key supports at 14.40, 14.22 and 14.05 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa’s CPI m/m stands at 0.3 pct vs 0.3 pct previous release (expected 0.4).
- South Africa’s core CPI m/m stands at 0.2 pct vs 0.1 pct previous release (expected 0.4).
We prefer to take long position on USD/ZAR only above 14.78, stop loss at 14.57 and target of 15.22.
