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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 has been testing its LT upward trending support line in the past two weeks after consolidating sharply lower in June.
- Next level to watch on the downside stands at 8.
- Key support stands at 7.8760, which corresponds to the 50% retracement of the 6.9450 – 8.8060 range and the neckline of the double top – neckline formation we have been observing this year.
- The 75bps hike from the SARB last week has not been enough to support the rand in the past week as the elevated level of risk aversion continues to weigh on risk on ZAR.
- Key resistance to watch on the topside stands at 8.26, which corresponds to the 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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