#BRICS currencies movement for the Week – 30 August 2019
Monitoring the Rand is like watching paint dry for the past 2 weeks. On 15 August the USDZAR closed at R15.28 - currently R15.16. Over past 5yrs ZAR experienced 2% or more up/down movements, over a rolling 7-day period, pretty much every 3rd day (2.68 days to be precise). Since 14Aug we've seen none.
This week the ZAR bucked the trend again, improving against the USD, in an environment where the USD actual improved.
#BRICS currency/USD movements for this week:
Brazil -0.6%
Russia -1.1%
India +0.1%
China -0.8%
South Africa +0.5%
Euro/USD -1.4%
Technically, the ZAR remained stable this week, ending the week stronger at R15.16. My resistance level at R15.50 AGAIN remained intact, while price moved to the bottom of the diagonal parallel channel.
The USDZAR still somewhat overbought (oversold) according to the 14-day RSI, but improving gradually.
Should improvement continue from current levels, support could first be found at the diagonal support line at R15.10, followed by the 50-day Moving Average at R14.56. A break and close below these levels, could seek support at the 200-day Moving Average at R14.27. a Close below this level, targeting the main support at R13.85 again.
This week the ZAR bucked the trend again, improving against the USD, in an environment where the USD actual improved.
#BRICS currency/USD movements for this week:
Brazil -0.6%
Russia -1.1%
India +0.1%
China -0.8%
South Africa +0.5%
Euro/USD -1.4%
Technically, the ZAR remained stable this week, ending the week stronger at R15.16. My resistance level at R15.50 AGAIN remained intact, while price moved to the bottom of the diagonal parallel channel.
The USDZAR still somewhat overbought (oversold) according to the 14-day RSI, but improving gradually.
Should improvement continue from current levels, support could first be found at the diagonal support line at R15.10, followed by the 50-day Moving Average at R14.56. A break and close below these levels, could seek support at the 200-day Moving Average at R14.27. a Close below this level, targeting the main support at R13.85 again.