FxWirePro: South African rand remains almost unchanged after PPI, private sector credit data

• USD/ZAR is currently trading around 14.63 levels.

• It made intraday high at 14.71 and low at 14.60 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 14.61 will take the parity higher towards key resistances around 14.70, 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
   
• Alternatively, a daily close below 14.50 will drag the parity down towards key supports at 14.32, 14.15, 14.02, 13.83, 13.65 and 13.47 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’s PPI y/y stands at 3.4 pct vs 2.3 pct previous release (expected 3.4).
   
• South Africa’s private sector credit stands at 6.14 pct vs 6.60 pct previous release (expected 6.4).

We prefer to take long position on USD/ZAR only above 14.72, stop loss at 14.50 and target of 14.94/15.02.