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

    Source: FxWire Pro - Technicals / 20 Jun 2018 04:03:28   America/New_York

    • USD/ZAR is currently trading around 13.67 levels.
    • It made intraday high at 13.76 and low at 13.64 levels.
       
    • Intraday bias remains slightly bearish till the time pair holds key resistance at 13.91 mark.
       
    • A daily close above 13.74 will take the parity higher towards key resistances around 13.91, 14.01, 14.28 and 14.57 marks respectively.
       
    • Alternatively, a daily close below 13.74 will drag the parity down towards key supports at 13.62, 13.39, 13.16, 12.99, 12.70, 12.51 and 12.40 levels respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
       
    • South Africa will release CPI as well as core CPI data at 0800 GMT.

    We prefer to take long position on USD/ZAR only above 13.80, stop loss 13.62 and target of 13.91/14.28.

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