#BRICS currencies movement for the Week – 1Mar19

Categories : Trading Ideas

#BRICS currencies movement for the Week – 1Mar19 by SchalkLouw on TradingView.com

Not a great end to week for #SouthAfrica – $ZAR. S&P revised Eskom rating from negative to stable, but clearly the market remains worried. #BRICS currency/USD movements for this week:

Brazil -0.7% 
Russia -0.8% 
India +0.1% 
China +0.1% 
South Africa -1.6% 

Euro/USD +0.3%

I must admit that the one currency that is looking mighty interesting technically this week, is our very own South African Rand. Looking at the $ZARUSD, we find trading at a critical resistance level . Should the $0.07/Rand hold and we see a bounce, the 200-day & 50-day moving averages (at $0.0713 & $0.0716) could be first target, with resistance then coming at $0.0740. A breakthrough this level, could see us test $0.0770. Also, important to note that the graph recently made a nice little GOLDEN CROSS, which confirm that the trend now clearly has turned more positive.

Should we see the current resistance break, watch out for possible further weaknesses, with a possible stop at $0.0685.

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