Infighting within the ANC did not only cause the $ZAR to lose 2.5% against the US Dollar, but substantially more if considered that the USD lost 1.5% against Euro and most BRICS currencies gained about 1% against the USD this week.
#BRICS currency/USD movements for this week:
Brazil +1.2%
Russia +1.2%
India +0.3%
China -0.1%
South Africa -2.5%
Euro/USD +1.5%
Technically, the USDZAR trend is still very much stacked against the $ZAR . Should the current weakness persist, it still seems likely that the ZAR could test the R15.50 level. Should all the “fake-tweet-dust” settle and we see a positive turn, could see the Rand test the diagonal support at R14.45, with both the 50-day and 200-day moving averages then acting at very strong support (resistance) levels at R14.25 – R14.30. Should we see a breakthrough those levels, could see us back at the R13.85 levels.
#BRICS currency/USD movements for this week:
Brazil +1.2%
Russia +1.2%
India +0.3%
China -0.1%
South Africa -2.5%
Euro/USD +1.5%
Technically, the USDZAR trend is still very much stacked against the $ZAR . Should the current weakness persist, it still seems likely that the ZAR could test the R15.50 level. Should all the “fake-tweet-dust” settle and we see a positive turn, could see the Rand test the diagonal support at R14.45, with both the 50-day and 200-day moving averages then acting at very strong support (resistance) levels at R14.25 – R14.30. Should we see a breakthrough those levels, could see us back at the R13.85 levels.