Trial now

Trend Indicators Point South


Bearish Focus


Consolidating Below Resistance


Approaching Key Support


Hovering Just Off Monday's Late Cheaps

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  • USD/ZAR seen drifting lower at the open, tracking price action in USD/CNH.
  • The cross traded choppily throughout yesterday's session, but managed to close a fraction lower.
  • The Magashule court case delivered nothing new yesterday, but will be in focus today as Ramaphosa and Duarte press for his suspension to be upheld.
  • Moves towards enforcement of the suspension will likely be construed as ZAR positive, clearing the way for Ramaphosa to enact more reforms unencumbered by factional hurdles.
  • Yesterday's Gauteng meeting is being broadly criticized for lacking in action as virus cases continue to spiral with no new measures to curb the alarming acceleration highlighted by medical experts during the meeting.
  • A hybrid level 3-4 system designed to cushion the economy while addressing the virus was floated, but Makhura failed to deliver anything other than additional hospital beds.
  • Price action appears to be pressuring 14.14 support this morning amid firmer risk conditions, opening up a move towards the 13.85-14.00 zone & 50D SMA (14.0315), should the level give way.
  • Intraday Sup1: 14.1421, Sup2: 14.0768, Res1: 14.2777, Res2: 14.3442