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

  • USD/ZAR is currently trading around 14.48 levels.
  • It made intraday high at 14.52 and low at 14.42 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 14.50 mark.
     
  • A daily close above 14.50 will take the parity higher towards key resistances around 14.64, 14.94 and 15.26 marks respectively.
     
  • Alternatively, a daily close below 14.50 will drag the parity down towards key supports at 14.40, 14.28, 14.22, 14.02, 13.93, 13.78, 13.70 and 13.50 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 will release CPI as well as core CPI data around 0800 GMT.

We prefer to take long position on USD/ZAR only above 14.52, stop loss at 14.35 and target of 14.64/14.94.

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