On 21 May, strategists at TD Securities opened a long USD/ZAR position at 17.92, which has now been stopped at a 2.6% loss. Key quotes “While the rand is trading on the brink of USD/ZAR oversold levels from an RSI point of view, the rand continues to receive strong support from the market.” “We close the trade at 17.45 with a loss of 2.6% or $26k on a notional of $1 million. Given the ca. 29bps/ month of negative carry the position has generated, carry adjusted P&L stands at -2.67% or -$26.7k.” “We will not be looking to re-enter the position anytime soon despite our bearish rand forecast for this year, unless market conditions swiftly change in a more bearish direction.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CNH faces strong resistance at 7.1652 – UOB FX Street 3 years On 21 May, strategists at TD Securities opened a long USD/ZAR position at 17.92, which has now been stopped at a 2.6% loss. Key quotes “While the rand is trading on the brink of USD/ZAR oversold levels from an RSI point of view, the rand continues to receive strong support from the market.” “We close the trade at 17.45 with a loss of 2.6% or $26k on a notional of $1 million. Given the ca. 29bps/ month of negative carry the position has generated, carry adjusted P&L stands at -2.67% or -$26.7k.” “We will not be looking to re-enter the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
