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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- Bull retracement continues on USDZAR in today’s trading session after the pair broke above some key technical levels (200DMA, 100DMA, 38.2% Fibo) in recent days, with the rand potentially impacted by the recent flooding in and around Durban.
- The ZAR is now the worst performing currency among the EM world since the start of the month, down 6.5% against the US Dollar.
- USDZAR tested its ST key resistance at 15.67 earlier, which corresponds to the 23.6% Fibo retracement of the 13.41 – 16.37 range.
- A break above that level would open the door for a move up to 16 (early January highs).
- On the downside, key support to watch now stands at 15.2710 (100DMA).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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