BRICS currencies movement for the week – 29 November 2019
Another solid week for the South African Rand, bucking the trend of most BRICS currencies.
#BRICS currency/USD movements for this week:
Brazil -0.9%
Russia -0.8%
India +0.1%
China +0.1%
South Africa +0.4%
Euro/USD -0.1%
Technically, the Rand dropped below the bottom of the Symmetrical Triangle support line again. Next support level remains the 200-day moving average at R14.57, with a break and close below this level, most probably seeing us back at my current short-term target level of R14.50. A break below this level, could see us targeting the primary support at R13.85 again, which remain my medium-term target.
Even at the current levels, the USDZAR still don’t find itself at oversold (overbought Rand) according to its 14-day RSI.
Should this be a false break and see a break back into the Symmetrical Triangle, could see the Rand seeking resistance only at the 50-day moving average (R14.87) again, with a break and close above these levels, most probably testing the R15 levels. Next resistance level is R15.13.
My call for this coming week – I still believe the Rand have some legs, after this week’s confirmation of the breakthrough the Symmetrical Triangle. It also still enjoy some positive momentum. Target for the week R14.50.
#BRICS currency/USD movements for this week:
Brazil -0.9%
Russia -0.8%
India +0.1%
China +0.1%
South Africa +0.4%
Euro/USD -0.1%
Technically, the Rand dropped below the bottom of the Symmetrical Triangle support line again. Next support level remains the 200-day moving average at R14.57, with a break and close below this level, most probably seeing us back at my current short-term target level of R14.50. A break below this level, could see us targeting the primary support at R13.85 again, which remain my medium-term target.
Even at the current levels, the USDZAR still don’t find itself at oversold (overbought Rand) according to its 14-day RSI.
Should this be a false break and see a break back into the Symmetrical Triangle, could see the Rand seeking resistance only at the 50-day moving average (R14.87) again, with a break and close above these levels, most probably testing the R15 levels. Next resistance level is R15.13.
My call for this coming week – I still believe the Rand have some legs, after this week’s confirmation of the breakthrough the Symmetrical Triangle. It also still enjoy some positive momentum. Target for the week R14.50.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.