#BRICS currencies movement for the Week – 2 August 2019
Tough week for Emerging Market Currencies in general, with three out five #BRICS currencies dropping by 3% against the USD. This was mainly thanks to Trump’s wonderful ability, between the average +/- 7 tweets per day, to still move “mountains” with his tweets.
#BRICS currency/USD movements for this week:
Brazil -2.8%
Russia -2.9%
India -1.2%
China -0.9%
South Africa -3.3%
Euro/USD -0.2%
Technically, the ZAR broke all last week’s “negative” targets/resistance levels (R14.33 & R14.55) and now aiming for that parallel channels which was broken in June. Should we see a break and close above R14.90, could bring the R15 levels back into play. A break above R15 could see us back to the highs of 2018, with R15.50 being main resistance levels.
The ZAR finds itself in extreme overbought (oversold) according to the 14-day RSI.
Should we see an improvement from current levels, support could first be found at the 50-day Moving Average at R14.34, followed by 200-day Moving Average at R14.18. a Close below this level, targeting the main support at R13.85 again.
#BRICS currency/USD movements for this week:
Brazil -2.8%
Russia -2.9%
India -1.2%
China -0.9%
South Africa -3.3%
Euro/USD -0.2%
Technically, the ZAR broke all last week’s “negative” targets/resistance levels (R14.33 & R14.55) and now aiming for that parallel channels which was broken in June. Should we see a break and close above R14.90, could bring the R15 levels back into play. A break above R15 could see us back to the highs of 2018, with R15.50 being main resistance levels.
The ZAR finds itself in extreme overbought (oversold) according to the 14-day RSI.
Should we see an improvement from current levels, support could first be found at the 50-day Moving Average at R14.34, followed by 200-day Moving Average at R14.18. a Close below this level, targeting the main support at R13.85 again.