In my post (EURO ZAR) chart from 18. February 2010 I posted EURO ZAR chart with falling wedge. This is an update in order for us to take a look where EURZAR is in relation to the wedge.
ZAR lost some ground and is currently trading around 10.52 for EURO and that level is exactly on top line of falling wedge, if not above. There is major high on this chart around 10.57 and if that gets broken it can be very bullish for EURZAR (or ZAR can lose some value against EURO).
Wedge target is around 11.00, which is exactly where previous support turned into resistance was (red line around 11.00).
Be aware out there. Last few years ZAR drop is equated with markets dropping too. Logic behind is that people are moving from emerging markets and moving out of SA.
Trade with trend!
9 comments:
Thank you very much for update
You are very welcome Anonymous.
Notice the relationship between ALSI and the inverse of the Rand Dollar?
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Last Anonymous post was mine.
Welcome and thank you Bull Hunter
Yes, relation exists for sure. Due to dual listings when Rand drops ALSI used to go up.
Things change, so at present market when Rand drops ALSI drops too, as foreign investors are pulling money out
Rand drops? Do you mean weakens ?
The correlation with the ALSI /ALEX and the inverse of the Rand is a phenomenon evident since collapse of Lehman in Sept 08 (coincidental?).
Foreigners are not pulling out of S.A. Weekly JSE figures show a net positive inflow while this relationship existed.
Yes, that is correct: drops = weakens.
I think this phenomenon was evident even during strong bull market 2007/08, not only after Lehman's story.
Thank you for your comments.
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