#BRICS currencies movement for the Week - 10 May 2019
The elections are something of the past and from an international point of view, a success. $ZAR reflection the sentiment, improving 1.4% against the USD, while all other BRIC countries weakened.
#BRICS currency/USD movements for this week:
Brazil -0.5%
Russia -0.1%
India -1.3%
China -1.3%
South Africa +1.4%
Euro/USD +0.3%
Technically, since the beginning of 2019, the USDZAR developed a nice little parallel channel. With the recent Rand strength, the $ZAR now find itself at the bottom of the support channel. Should the support break, we could see the Rand looking for the next support level around R13.85. Should this support break as well, could see us back to January’s R13.25 levels. If the current support hold, a consolidation around R14.50 seems likely.
#BRICS currency/USD movements for this week:
Brazil -0.5%
Russia -0.1%
India -1.3%
China -1.3%
South Africa +1.4%
Euro/USD +0.3%
Technically, since the beginning of 2019, the USDZAR developed a nice little parallel channel. With the recent Rand strength, the $ZAR now find itself at the bottom of the support channel. Should the support break, we could see the Rand looking for the next support level around R13.85. Should this support break as well, could see us back to January’s R13.25 levels. If the current support hold, a consolidation around R14.50 seems likely.