#BRICS currencies movement for the Week - 8Mar19
Yes, $ZAR lost 1.5% against the USD this, which most blame on Pres Ramaphosa's mention of the nationalisation of SARB, BUT Brazil dropped more & EUR very similar.
#BRICS currency/USD movements for this week:
Brazil -2.4%
Russia -0.7%
India +1.4%
China -0.2%
South Africa -1.5%
Euro/USD -1.2%
The ZAR in the process did have breakout of the bottom of the parallel channel, but did find the support as expected at the horizontal support line. A recovery to the 0.071 (200-day moving average) could put us back in positive trend territory, which then could see us back at the 0.074 levels. A break through the horizontal support, could however see us back at the 0.0668 levels.
#BRICS currency/USD movements for this week:
Brazil -2.4%
Russia -0.7%
India +1.4%
China -0.2%
South Africa -1.5%
Euro/USD -1.2%
The ZAR in the process did have breakout of the bottom of the parallel channel, but did find the support as expected at the horizontal support line. A recovery to the 0.071 (200-day moving average) could put us back in positive trend territory, which then could see us back at the 0.074 levels. A break through the horizontal support, could however see us back at the 0.0668 levels.