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Bullish Technical Conditions For USDZAR Reinforced

SOUTH AFRICA
  • The uptrend in USDZAR remains intact as the USD reasserts itself and short-term dips continue to be considered corrective. Last week’s break of 17.9493, 76.4% of the 2020 - 2021 bear leg reinforces bullish technical conditions. The focus is on 18.3777 next, the May 19 2020 high. Key short-term support has been established at 17.4454, the Sep 13 low.
  • On the data front, we may see the release of SACCI Business Confidence, tentatively scheduled for release. Manufacturing production for August will be published on Tuesday, where monthly data is expected to rise 0.6% from a decline of 0.2% in July.
    • Aside from domestic developments, Wednesday’s FOMC minutes and Thursday’s US CPI are likely to be the primary short-term driver for currency sentiment.
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