SOUTH AFRICA: ANC To Reconfigure Its Structures In Gauteng & KwaZulu-Natal
- TimesLIVE and BusinessDay reported that the National Executive Committee (NEC) of the African National Congress (ANC) decided against disbanding party structures in Gauteng and KwaZulu-Natal and opted to reconfigure them instead. The debate on what to do with Provincial Executive Committees (PECs) in the two regions has been going on for weeks after the ANC suffered particularly heavy losses there in last year's general elections. Source reports noted that there were concerns about the presence of "sleepers" of the rival MK Party in ANC structures in KwaZulu-Natal, as well as about the Gauteng structures' defiant attitude towards national leaders. The NEC reportedly made a decision to reconfigure the two PECs in a split vote (64-28), as Deputy President Paul Mashatile, Chairperson Gwede Mantashe and Deputy Secretary General Nomvula Mokonyane were against their dissolution, while Secretary General Fikile Mbalula and his second deputy Maropene Ramokgopa were pushing for a disbandment.
- EWN quoted ANC Secretary General Fikile Mbalula as saying that the party must "ensure the ANC regains the momentum and regains the support we have lost, and work tirelessly to get out of arrangements of GNU [Government of National Unity], coalitions and everything else in the local municipalities through the popular vote."
- Worth noting that the NEC will hold an extended lekgotla this coming Sunday to discuss economic policy ahead of the upcoming State of the Nation Address (SONA) and budget speech.
- Eskom said that it was not expecting a resumption of loadshedding at least through March 31 as South Africa reached another milestone of 300 days without power cuts.
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TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
- TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
- TRUDEAU WANTS GOVT TO PREPARE FOR NEW US ADMINISTRATION
- TRUDEAU DOESN'T ADDRESS QUESTIONS ABOUT HIS LEADERSHIP
USDCAD TECHS: A Pullback Would Be Considered Corrective
- RES 4: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 3: 1.4537 2.0% 10-dma envelope
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4356 @ 16:56 GMT Dec 20
- SUP 1: 1.4301 Low Dec 18
- SUP 2: 1.4174/4014 20- and 50-day EMA values
- SUP 3: 1.3928 Low Nov 25 and a key support
- SUP 4: 1.3822 Low Nov 6
USDCAD bulls remain in the driver’s seat. While price faded into the Thursday close, the recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The latest rally opens 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4174, the 20-day EMA. A pullback would be considered corrective.
AUDUSD TECHS: Bearish Trend Structure
- RES 4: 0.6550 High Nov 25
- RES 3: 0.6501 50-day EMA
- RES 2: 0.6429 High Dec 12
- RES 1: 0.6337/6396 Low Dec 11 / 20-day EMA
- PRICE: 0.6263 @ 16:55 GMT Dec 20
- SUP 1: 0.6199 Low Dec 19
- SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows and Wednesday’s sell-off, reinforce a bear theme. The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. The break lower opens 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6396, the 20-day EMA.
