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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
- ZAR/JPY stalled out just above the 23.6% Fibonacci level on Monday as risk proxies saw some brief reprieve.
- The cross is currently -5.68% off its 7 June peak at 8.1809, trading around 7.70 as souring risk sentiment and rising Covid cases upset ZAR's solid run of form in 2020/21.
- Today's price action saw a brief retest of the underside of the 50dma, but has since pulled back lower.
- A close below the midpoint of yesterday's candle would reflect a bearish near-term bias in the cross.
- Momentum oscillators remain bearish with the RSI holding at 38.60, but price action will need to overcome the 23.6% fib at 7.5741 in order to open up lateral support at 7.3279 & 38.2% fib at 7.1988
- Sell-side has shifted bearish on EM FX in the past few weeks, which should see crosses like ZAR/JPY underperform in the near-term
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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