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EURUSD TECHS

Key Support Remains Exposed

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Decent SONIA Action Tuesday

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  • USD/ZAR trades +0.17% higher around the open as mixed risk sentiment filters through from the APAC session.
  • ZAR was the standout performer post-US CPI as risk currencies went bid following a gap lower in the greenback.
  • Price action has now pulled back towards the 200dma, but is yet to confirm a move below with 14.60 support being a key level to break in order to revisit the 14.40-14.50 zone marginally above the 50 & 100dmas which have just made a bullish crossover.
  • Markets showed little concern for Ramaphosa's state capture testimony yesterday, and will likely do the same today unless any major revelations in the CR17 funding scheme are unearthed.
  • Today's price action will likely be driven by follow-on effects from yesterday's US CPI print as markets digest what this means for the Fed's tapering and rates trajectory.
  • Intraday Sup1: 14.5753, Sup2: 14.5042, Res1: 14.7583, Res2: 14.8632