| Gut Feel | |
| Rates | |
| USD / ZAR: | 13,7465 |
| EUR / ZAR: | 14,6506 |
| GBP / ZAR: | 17,1457 |
| ZAR / JPY: | 8,025 |
| EUR / USD: | 1,0647 |
| GBP / USD: | 1,2467 |
| USD / JPY: | 110,56 |
| Ø | ZAR still resilient amid the political tension and marches | |||||||
| Ø | Traders looking for a break upwards as market remains tense | |||||||
| Ø | US data out today | |||||||
| ZAR still holding up well, considering all the political turmoil and unrest in South Africa. Now that the ANC have accepted #1 apology, I think the rating agencies will now watch carefully the Finance section under the new FinMin. Even as we see the ZAR resilient think a break is imminent and could break 14.00 shortly. Today’s marches will test the waters as to how volatile the situation is and without being pessimistic, I see some trouble in certain areas, namely KZN, Eastern Cape and Tshwane.SA Banks and Eskom were downgraded to junk status, the reason they cannot have higher rating than the country. All JZ moves have been at the expense of the Financial sector and the poorest of poor. Sadly, they are not in the loop of what is happening as most in rural areas, the support base of JZ. Talking to traders they are getting impatient and remain long USD and waiting for a break. Trading range 13.50 14.35 |
| Economic Data: | 7th Apr | ||||||||
| Ø | SA Gross Reserves | Ø | US Wholesale Trade and Inventories | ||||||
| Ø | SA Net Reserves | Ø | US Consumer Credit | ||||||
| Ø | US Change NF Payrolls | ||||||||
| Ø | US Unemployment Rate | ||||||||
USD/ZAR Hourly Candle
This chart could easily rally back over R13.94 and even R14.13, but I would take that opportunity to sell out $ longs as a pullback is on the way.
” If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.” – PTJ
USD/ZAR Hourly Candle
This chart could easily rally back over R13.94 and even R14.13, but I would take that opportunity to sell out $ longs as a pullback is on the way.
” If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.” – PTJ
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