Short #BRICS currencies movement for the week – 11 October 2019
The South African Rand, making its intentions loud and clear this week! By far the strongest BRICS. This was mainly driver by the announcement yesterday that the US and China has come to “a partial deal”.
#BRICS currency/USD movements for this week:
Brazil -1.2%
Russia +0.7%
India -0.1%
China +0.8%
South Africa +1.6%
Euro/USD +0.6%
Technically, the USDZAR find itself back below the R15/USD level, which psychologically, is VERY good.
The USDZAR still moving out of overbought (oversold according to ZARUSD) according to the 14-day RSI, but not oversold yet. So, we could see the momentum continue this coming week.
Strong breakthrough of the 50-day Moving Average as well, with next support level being R14.50. A break and close below this level, could see the ZAR seeking support at the 200-day Moving Average at R14.39. A Close below this level, targeting the primary support at R13.85 again.
Should we see weakness return, it will have me monitoring the R15 level again, with the 50-day Moving Average at R15.05 being next resistance. A break above these levels could target the diagonal parallel channel at R15.50 again. This will be my stop-loss if I was a short-term trader.
I’ll be making the “trend my friend” this coming week and remain long the ZAR (short USDZAR).
#BRICS currency/USD movements for this week:
Brazil -1.2%
Russia +0.7%
India -0.1%
China +0.8%
South Africa +1.6%
Euro/USD +0.6%
Technically, the USDZAR find itself back below the R15/USD level, which psychologically, is VERY good.
The USDZAR still moving out of overbought (oversold according to ZARUSD) according to the 14-day RSI, but not oversold yet. So, we could see the momentum continue this coming week.
Strong breakthrough of the 50-day Moving Average as well, with next support level being R14.50. A break and close below this level, could see the ZAR seeking support at the 200-day Moving Average at R14.39. A Close below this level, targeting the primary support at R13.85 again.
Should we see weakness return, it will have me monitoring the R15 level again, with the 50-day Moving Average at R15.05 being next resistance. A break above these levels could target the diagonal parallel channel at R15.50 again. This will be my stop-loss if I was a short-term trader.
I’ll be making the “trend my friend” this coming week and remain long the ZAR (short USDZAR).
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