Eddie Tofpik, Head of FX at ADMISI speaks to Nick Batsord about the rise of the USD against the South African Rand and the Brazilian Real, meaning the Rand and Real are steadily dropping in value. Tofpik looks at the fundamental reasons why the Rand is dropping. Tofpik highlights the ongoing political situation in Zimbabwe and the contagion risk having an impact on the Rand. He also notes the upcoming credit rating assessment of South Africa. Technically the Andrew's Pitchfork trend indicate a downward trend in the value of the Rand. Moves lower in USDZAR are opportunities to accumulate and rises towards the top of the trend channel are opportunities to fade long positions.
Focusing on the USDBRL, Tofpik discusses the fulfilment of a recent pattern in USDBRL. Previously unsure of where the pair may trend, now the Brazilian holiday is over the direction is becoming clearer despite a bow tie formation of the moving averages, the X3 target around the 341 level.
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