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CORN TECHS

(Z1) Corrective Bounce Still In Play

CANADA

ELECTION WATCH

EUROZONE T-BILL ISSUANCE

Bill Supply For W/C Sep 20, 2021

FOREX

Exchange traded option

US EURODLR FUTURES

BLOCK, Old Green-Pack

US EURODLR OPTIONS

Mudcurve Call Fly Buy

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  • USD/ZAR trades +0.16% higher this morning, broadly tracking USD/CNH price action.
  • The cross traded choppily in yesterday's session, finally showing some more comprehensive vulnerability following US CPI – rising above 15.3045 resistance and the 100dma to form a bullish engulfing candle on the daily chart.
  • Focus today will be on July retail sales data – expected to decline m/m & y/y. On the political front, fired ANC member Carl Niehaus is pushing ahead with his fraud and corruption case against the ANC Top 6, and could be a new source of factional disruption for the Ramaphosa camp now that he has been fired.
  • Beyond this, we see US industrial/manufacturing production data this afternoon, which should drive the USD side of the cross today.
  • Momentum has shifted higher in the cross after a number of days of consolidation, with the next major resistance points at 14.50 and the 200dma at 14.57.
  • Intraday Sup1: 14.2732, Sup2: 14.1701, Res1: 14.3747, Res2: 14.5042