Much more stable week for the Rand, dipping below the R14/USD mark again and ending the week at R13.94. The Rand was also the second strongest BRICS currency for the week.
#BRICS currency/USD movements for this week:
Brazil +2.3% Russia +1.2% India -0.2% China +0.2% South Africa +1.4%
Euro/USD +0.4%
Technically, the ZAR definitely gained some momentum this week, dipping below R13.86 for the first time since February.
Short-term support (also my first target) should still be found at R13.85, with a break & close through those levels, most probably testing the R13.25 levels.
Should the Rand go back to its old (negative) tricks, the first resistance level to watch remains the 200-day moving average (R14.21), with a break and close above those levels, most probably looking to test the 50-day MA at R14.41.