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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
- USDZAR retraced sharply higher yesterday, partly driven by a broad USD strength with the rand potentially also impacted by the recent flooding in and around Durban.
- Interestingly, the slight decrease in price volatility (VIX) in recent days did not generate some support for 'risk on ZAR' , which has historically performed well when price volatility falls.
- The pair found resistance at its 200DMA (15.1020) earlier after soaring by over 50 figures since the stat of the week.
- The 15.1020 level also represents the high of its LT downward trending channel.
- Momentum still looks bearish in the near term, with the rand continuing to be mainly supported by elevated real yields and record current account surpluses.
- However, a break above 15.1020 may change the technical ST outlook. Next resistance to watch above that stands at 15.2380, which corresponds to the 38.2% Fibo retracement of the 13.4120 – 16.3670 range.
- On the downside, first support to watch stand at 14.93 (50DMA), followed by 14.89 (50% retracement).
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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