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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
- ZARJPY consolidated sharply lower yesterday following the surge in risk aversion; the pair rejected the 100DMA resistance and is currently trading slightly above the 8.0950 level (38.2% FIbo retracement of the 6.9450 – 8.8060 range).
- ZAR has also been impacted by the recent CNY depreciation.
- We previously saw that ‘risk on’ ZAR has historically been very sensitive to the yuan moves (particularly CNY depreciation).
- Next support to watch on ZARJPY stands at 8, followed by 7.87, which corresponds to the 200DMA and the neckline of the double—top-neckline formation we observed this year.
- On the topside, resistance to watch above 8.2580 (100DMA) stands at 8.3670 (23.6% Fibo).
Source: Bloomberg
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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