Stock Pro's

Stock Pro's first TP hit on USDZAR at R13.50! Our 2nd target of R13.75 seems very possible with current momentum in the pair!

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"Technical View:

The South African Rand has been extremely volatile since clearing the R13 level against the USD.

With global markets rallying powerfully of late, it has sent strength back into the ZAR as investor appetite for emerging market stocks and bonds have come back in full fruition.

South Africa being predominately a resource based economy, has thus seen extra demand for ZAR due to the bounce in commodity prices across the board.
The recent news on AB InBev placing a R1.5 Trillion deal on the table for SAB Miller, has also created some swings back in favour for the ZAR as this would be a large inflow for the currency to pay local investors.

The trend however is still negative, and we should be looking to sell any ZAR strength. The R13 level held for 3 trading days and should hold as a tough level to crack, and thus the continued weakness of the Rand should continue from here.

Trade:
Long USD/ZAR @ 13.1500
Target 1: 13.5000
Target 2: 13.7500
Stop Loss: 13.0000"

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Technical View:

The EUR has been subdued of late as investors try and find some sort of direction in global markets. We have had a big push and pull going on between the bulls and bears, and this is evident in the wild trade we observe in Forex markets, especially the EUR.

The Canadian Dollar has been fairly well bid on the back of higher commodity prices, especially Oil. Being the strong commodity counter that it is, we believe the trend of lower commodity prices (Especially Gold- See previous post) will continue.

The technical picture shows us a weakening trend in CAD which has pulled back to horizontal support at 1.46 and trend line support converging at the same level.

Given the above fundamental and technical analysis, we believe a LONG trade at 1.4750 should be in place with 1.50 as first target.

Trade:
Long EUR/CAD @ 1.4500
Target 1: 1.5000
Target 2: 1.5600
Stop Loss: 1.4600

Technical View:

The EUR has moved higher on the back of the US Fed announcing they will not raise rates for a considerable period of time.
The pair has been trending higher over the past couple days.
An 8 month resistance trendline comes in at 138.50, which it has since reversed off and looks set to retest bottom support trendline at 136.00 and further to horizontal support at 133.00 as a second very strong level.

Trade:
Short EUR/JPY @ 138.00
Target 1: 136.00
Target 2: 133.00
Stop Loss: 138.50

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