=> Here we are expecting dollar strength to remain in the spotlight and EM to come under further pressure one more time before year end. => Although there has been some improvement on the political side in South Africa the foreign positioning in SAGB's remains heavy. => Yields are rising in the US as we widely expected since earlier in the yearend we see South...
=> Here we are positioning to the buy side and fading the recent strength from ZAR. => For all of those following our portfolio on Tradingview you will have noticed us tracking a rebound across some parts of the EM spectrum, South Africa is not one. => Timing wise... CPI data on Wednesday will come in slightly lower than expected but still remaining way above...
TP = 15.400 hit, quicker than expected, as the 1W Channel Up (RSI = 57.959, MACD = 0.486, B/BP = 1.1840) aggressively moved towards a new Higher High. Equally aggressively it has pulled back (Highs/Lows = 0) to a new Higher Low on our projected curve support. We have already bought this low and our long's TP is 15.88200.
FX:USDZAR Testing support at 14.60. If it breaks lower target is 14.10
=> For those who were looking at the MT weekly chart here is the range we are currently trading. => Solid resistance at 16.00xx with support at 14.70xx ...the bias towards the upside continues even after the profit taking we have seen the past few days. => We can't rule out chopping in our range for some days ahead before taking the 16.00xx handle...
=> Confirming a break of the channel earlier in the quarter we are seeing the knife really being stuck in here. A test of the highs seems only a matter of when, rather than if. => Our previous ZARJPY trade (see related ideas) was a flawless 7% move via the combo of S.Africa slipping into technical recession and the loss of investor confidence via...
The weekly and daily are both way over extended. It is also way over extended from monthly bollinger bands (see TDI turned into price currently here on monthly). We can get a running flat here, but if it goes down to break the low that could take us to the 13.00 level possibly. At a potential reversal spot now. But keep in mind this is the monthly chart.
If you still want to open shorts on $EZA now is the time.
USDZAR is trading within a very aggressive 1W Channel Up (RSI = 67.499, Highs/Lows = 0.6399) with 1D trying to establish a new support (neutral ADX, Williams, CCI, Highs/Lows) near its Higher Low territory. Even on the event of such pull back, the curve will again support the upside movement. In both cases we are long with TP = 15.400.
Weekly! As they try and expropriate land in South Africa, so they chase away any Foreign Investment. Oh, SA is also an emerging market and follows Turkey and other countries! Vacation to SA anyone?
EURZAR is just coming off a Lower High on the 1D Channel Down (RSI = 49.793, MACD = -0.062, Highs/Lows = 0). The support lines are highlighted with the blue dots and although we price the Lower Low at 15.100, our TP for the current short is 15.2200.
I like what I see - Will allocate Short on a confirmed break of the blue Trendline. - Volume profile on the Daily suggests price could retrace to +- 12.7-12.57 area. - for the time-being, Fixed Income flows are favourable. - I think the BRICs summit should provide some positive sentiment for USDZAR, who knows, maybe some deals...? Counter arguments: - worried...