#BRICS currencies movement for the Week - 24 May 2019
The $ZAR is a bit stronger this week, mainly due to US Dollar weakness.
#BRICS currency/USD movements for this week:
Brazil +1.9%
Russia +0.4%
India +1.3%
China +0.3%
South Africa +0.3%
Euro/USD +0.4%
Technically, since the beginning of 2019, the USDZAR developed a nice little parallel channel . $ZAR still find itself near the bottom of the support channel. Should the support break, we could see the Rand looking for the next support level around R13.85. Should this support break as well, could see us back to January’s R13.25 levels. If the current support hold, a consolidation around R14.50 seems likely.
#BRICS currency/USD movements for this week:
Brazil +1.9%
Russia +0.4%
India +1.3%
China +0.3%
South Africa +0.3%
Euro/USD +0.4%
Technically, since the beginning of 2019, the USDZAR developed a nice little parallel channel . $ZAR still find itself near the bottom of the support channel. Should the support break, we could see the Rand looking for the next support level around R13.85. Should this support break as well, could see us back to January’s R13.25 levels. If the current support hold, a consolidation around R14.50 seems likely.