Not a great end to week for #SouthAfrica - $ZAR. S&P revised Eskom rating from negative to stable, but clearly the market remains worried. #BRICS currency/USD movements for this week:
Brazil -0.7%
Russia -0.8%
India +0.1%
China +0.1%
South Africa -1.6%
Euro/USD +0.3%
I must admit that the one currency that is looking mighty interesting technically this week, is our very own South African Rand. Looking at the
ZARUSD, we find trading at a critical resistance level. Should the 00.07/RAND hold and we see a bounce, the 200-day & 50-day moving averages (at $0.0713 & $0.0716) could be first target, with resistance then coming at $0.0740. A breakthrough this level, could see us test $0.0770. Also, important to note that the graph recently made a nice little GOLDEN CROSS, which confirm that the trend now clearly has turned more positive.
Should we see the current resistance break, watch out for possible further weaknesses, with a possible stop at $0.0685.
Brazil -0.7%
Russia -0.8%
India +0.1%
China +0.1%
South Africa -1.6%
Euro/USD +0.3%
I must admit that the one currency that is looking mighty interesting technically this week, is our very own South African Rand. Looking at the
ZARUSD, we find trading at a critical resistance level. Should the 00.07/RAND hold and we see a bounce, the 200-day & 50-day moving averages (at $0.0713 & $0.0716) could be first target, with resistance then coming at $0.0740. A breakthrough this level, could see us test $0.0770. Also, important to note that the graph recently made a nice little GOLDEN CROSS, which confirm that the trend now clearly has turned more positive. Should we see the current resistance break, watch out for possible further weaknesses, with a possible stop at $0.0685.
Trade closed: stop reached
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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.