I hope I'm RIGHT with this EUR/ZAR Analysis this timeThe previous analysis I hoped I was wrong, and ended up right with EUR/ZAR hitting R22.00.
Great on the EGO bad on the pocket :/
Living in Europe and dealing with Rands is no joke. So hopefully, we can get some downside with the EURO now against the ZAR.
So why would the ZAR strengthen?
🪙 Gold prices rising
📉 USD softer
🏦 SARB keeping rates high
🌍 Risk appetite favoring EMs
⛏️ Commodities boosting ZAR
and looks like SA is forming an alliance between China and Russia and the Brics which is bringing strength to the rand for foreign direct investments.
Technically speaking:
M Formation
Price<20 >200MA -
Medium Probability
Target R19.42
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
