#BRICS currencies movement for the Week – 19 July 2019
This week was one of the more positive weeks for the South African Economy and its currency (Rand). With only a 0.3% improvement in the Rand, why would I say that? Well, with the only BRICS country having an interest rate decrease this week, it should be expected that the Rand should have weakened somewhat. Not the case! In fact, the Rand was the only BRICS currency that enjoyed an improvement against the USD, in an environment where we saw some USD strength.
#BRICS currency/USD movements for this week:
Brazil -0.2%
Russia 0.0%
India -0.4%
China 0.0%
South Africa +0.3%
Euro/USD -0.4%
Technically, the ZAR still enjoying some positive momentum this week, find regular support (resistance from a strengthening point of view) at R13.85
A break & close below this resistance could most probably see us back at 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 (R14.19), with a break and close above those levels, most probably looking to test the 50-day MA at R14.36.
#BRICS currency/USD movements for this week:
Brazil -0.2%
Russia 0.0%
India -0.4%
China 0.0%
South Africa +0.3%
Euro/USD -0.4%
Technically, the ZAR still enjoying some positive momentum this week, find regular support (resistance from a strengthening point of view) at R13.85
A break & close below this resistance could most probably see us back at 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 (R14.19), with a break and close above those levels, most probably looking to test the 50-day MA at R14.36.
Trade active:
Negative tricks back in play, with the first target getting very close. Breach of R14.19, could see us back at R14.36.