South Africa's rand once again showing resilience
Oct 14 (Reuters) -Despite a broadly stronger dollar and nervous risk sentiment, the rand closed up for the week ending October 11. Market chatter suggests that rand long positions are overcrowded but a resilient rand could still push higher again this week.
Early Monday action has shown the rand weakening versus the dollar, possibly reflecting disappointment that China could not provide greater stimulus assurance to the market.
In the rand's favour has been a lack of escalation in the Middle East conflict and this could limit some fallout from the weekend news out of China.
USD/ZAR has started the week on a positive footing but remains below key resistance at Thursday's high of 17.6750 and 17.5900, the 10-day moving average line. A 38.2% Fibonacci retracement level, taken off the 19.3975-17.0375 drop, comes in at 17.9390.
On the support side USD/ZAR is holding above a significant long-term level, 16.9190. The 200-day moving average has supported the market since April 2022 and if the underlying bear trend is to extend, this level will have to give way soon.
On balance the rand still has potential, supported by carry trade attraction and the backing of a bull trend, in place since October.
For more click on FXBUZ
USD/ZAR daily candle chart: https://tmsnrt.rs/4eTIAiu
(Peter Stoneham is a Reuters market analyst. The views expressed are his own)
</body></html>
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
