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Key S/T Resistance Remains Exposed


(H2) Bullish Extension


E-MINI S&P (H2): Support Remains Intact


Corrective Bounce

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  • USD/ZAR trades +0.07% higher this morning, tracking early price action in the BBDXY.
  • The cross fell -0.86% in yesterday’s session, consolidating the breakout from the bull channel pattern on the daily chart.
  • Although covid cases are rising sharply, hospitals remain far from overwhelmed, and symptoms appear to be mild with limited use of ventilation and health experts not expecting to onerous restrictions from Govt.
  • Current Account and mining/manufacturing data will be in focus today with a notable CA surplus contraction expected in 3Q21.
  • Outside of domestic data, markets will shift their attention to US CPI due tomorrow which will be monitored closely by the Fed for taper/rates lift-off signals.
  • Improves risk sentiment as a result of easing Omicron fears and China’s RRR cut continue to support ZAR sentiment with the currency among the top EM performers this week.
  • Near-term momentum remains lower with the USD on the back foot, but the cross has robust support in the 15.40-15.50 range with the 50dma (15.3077) rising towards spot.
  • Intraday Sup1: 15.6638, Sup2: 15.4730, Res1: 15.8472, Res2: 15.9366