- USD/ZAR is currently trading around 15.30 levels.
- It made intraday high at 15.37 and low at 15.31 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 15.46 marks.
- A daily close above 15.46 will take the parity higher towards key resistances around 15.70, 15.92 and 16.10 marks respectively.
- Alternatively, a daily close below 15.36 will drag the parity down towards key supports at 15.22, 15.02, 14.94, 14.70 and 14.57 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 short position on USD/ZAR only below 15.22, stop loss at 15.40 and target of 15.02/14.94.