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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
- USD/ZAR approaching key resistance structures formed by the long-term bull channel, lateral resistance at 15.2104 and dynamic from the 50dma at 15.28 and declining.
- This, coupled, with a large bullish engulfing candle places the pair at a key crossroads as US real yields force an unwind in EM FX positioning.
- RSI indicating bullish bias at 57.93
- Bullish MACD crossover below the signal line
- Close outside the channel, above 15.2104 & 50dma could signal the start of a correction higher towards the 200dma (16.1283) and 16.08 lateral resistance around the 04-Nov breakout, provided US real yields keep the Greenback bid.
- However, failure to breach this key resistance structure will likely see the cross consolidate or pull back lower.
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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