#BRICS currencies movement for the Week – 28 June 2019
Another great week for the Rand. Definitely one of the strongest Emerging Market currencies this week.
#BRICS currency/USD movements for this week:
Brazil -0.8%
Russia -0.4%
India +1.0%
China 0.0%
South Africa +1.7%
Euro/USD 0.0%
Technically, the ZAR also found some strong recent momentum, slicing through both the 50-day (R14.46) & 200-day (R14.22) moving averages like a hot knife through butter. Although the 14-day RSI is getting fairly heated, it does seem like there might still be some short-term legs, before it gets extremely oversold (overbought inversely). Short-term support (also my first target) should be found at R13.85, with a break & close through those levels, most probably testing the R13.25 levels. Funny how quickly things can change. Let’s hope the trend sticks this time around.
#BRICS currency/USD movements for this week:
Brazil -0.8%
Russia -0.4%
India +1.0%
China 0.0%
South Africa +1.7%
Euro/USD 0.0%
Technically, the ZAR also found some strong recent momentum, slicing through both the 50-day (R14.46) & 200-day (R14.22) moving averages like a hot knife through butter. Although the 14-day RSI is getting fairly heated, it does seem like there might still be some short-term legs, before it gets extremely oversold (overbought inversely). Short-term support (also my first target) should be found at R13.85, with a break & close through those levels, most probably testing the R13.25 levels. Funny how quickly things can change. Let’s hope the trend sticks this time around.