That’s more like it! $ZAR clearly in a better Mood(ys) this week, outperforming all other BRICS #currencies.
#BRICS currency/USD movements for this week:
Brazil +1.4%
Russia +0.6%
India 0.0%
China -0.1%
South Africa +2.9%
Euro/USD 0.0%
Technically, the ZAR also looking much better. Since last week, it broke through the support at R14.39, the 200-day moving average R14.11 as well as the 0.618 Fibonacci retracement support level at R14.10. It now found support at the 50-day moving average (R14.06).
Levels to watch:
1. a Break through these levels could most probably test the R13.89 levels, with my next target then becoming the 0.5 Fibonacci retracement support level at R13.61.
2. A reversal of the trend and break through 200-day moving average resistance at R14.11, could see us test the R14.45 levels again, with a breakthrough then eyeing the top of the wedge (resistance line) & 0.786 Fibonacci retracement resistance level at R14.80.
#BRICS currency/USD movements for this week:
Brazil +1.4%
Russia +0.6%
India 0.0%
China -0.1%
South Africa +2.9%
Euro/USD 0.0%
Technically, the ZAR also looking much better. Since last week, it broke through the support at R14.39, the 200-day moving average R14.11 as well as the 0.618 Fibonacci retracement support level at R14.10. It now found support at the 50-day moving average (R14.06).
Levels to watch:
1. a Break through these levels could most probably test the R13.89 levels, with my next target then becoming the 0.5 Fibonacci retracement support level at R13.61.
2. A reversal of the trend and break through 200-day moving average resistance at R14.11, could see us test the R14.45 levels again, with a breakthrough then eyeing the top of the wedge (resistance line) & 0.786 Fibonacci retracement resistance level at R14.80.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.