#BRICS currencies movement for the Week – 16 August 2019
Another tough week for Emerging Market Currencies in general. Main reason however still remains the stronger USD. South Africa however was relatively unscathed, only losing 0.3% over the week (against USD), while most other BRICS currencies weren’t so lucky. Russia was hit the hardest, with India not too far behind.
#BRICS currency/USD movements for this week:
Brazil -0.3%
Russia -1.9%
India -1.6%
China +0.3%
South Africa -0.3%
Euro/USD -1.0%
Technically, the ZAR remain fairly stable this week, ending the week at R15.28. My resistance level at R15.50 remained intact, while price stayed in the diagonal parallel channel.
The USDZAR finds itself in extreme overbought (oversold) according to the 14-day RSI .
I still see the ZAR as being too oversold over the shorter-term and feel that a “dead-cat-bounce” could be imminent.
Should we see an improvement from current levels, support could first be found at the diagonal support line at R15, followed by the 50-day Moving Average at R14.43. A break and close below these levels, could seek support at the 200-day Moving Average at R14.22. a Close below this level, targeting the main support at R13.85 again.
#BRICS currency/USD movements for this week:
Brazil -0.3%
Russia -1.9%
India -1.6%
China +0.3%
South Africa -0.3%
Euro/USD -1.0%
Technically, the ZAR remain fairly stable this week, ending the week at R15.28. My resistance level at R15.50 remained intact, while price stayed in the diagonal parallel channel.
The USDZAR finds itself in extreme overbought (oversold) according to the 14-day RSI .
I still see the ZAR as being too oversold over the shorter-term and feel that a “dead-cat-bounce” could be imminent.
Should we see an improvement from current levels, support could first be found at the diagonal support line at R15, followed by the 50-day Moving Average at R14.43. A break and close below these levels, could seek support at the 200-day Moving Average at R14.22. a Close below this level, targeting the main support at R13.85 again.