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Free AccessUSD/ZAR: Bullish Engulfing Candle Breaches100dma Following US CPI
- 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
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.