FxWirePro: South African Rand Falls Against US Dollar ahead of CPI Data

FxWirePro: South African Rand Falls Against US Dollar ahead of CPI Data

18 May 2016, 09:47
Roberto Jacobs
0
6

FxWirePro: South African Rand Falls Against US Dollar ahead of CPI Data

  • Pair is currently trading at 15.72 marks. 
  • It made intraday high at 15.75 and low at 15.52 levels. 
  • Intraday bias remains bullish till the time pair holds key support level at 15.37 levels. 
  • A daily close above key resistance 15.74 will take the parity higher towards 15.92, 16.13 and 16.84 marks respectively. 
  • On the other side, key support levels are seen at 15.37, 15.13 and 14.67 marks respectively. 
  • South Africa will release CPI as well as core CPI data at 0800 GMT.

We prefer to take long position in USD/ZAR only above 15.74, stop loss 15.37 and target 16.13 levels.

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