By IFCMarkets
Coronavirus spread slows in South Africa
The downward movement means the strengthening the South African rand against the euro. Mitigation of quarantine in South Africa from May 1 will occur as a result of the weakening coronavirus pandemic. Investors responded positively to this report and expect that South Africa’s economic losses will not be so great. Earlier, GDP was expected to fall by 4% in 2020. Now there are more than 4 thousand patients in South Africa. Since the beginning of the pandemic, 79 people died there, and almost one and a half thousand people recovered. The euro, in turn, is under pressure from the publication of weak indicators of the German business climate.
This is evidenced by the IFO Business Climate indicators for April and GfK Consumer Confidence for May. An additional negative factor was the decline in the Eurozone Manufacturing PMI business indicator in April.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Sell | |
| MACD | Sell | |
| MA(200) | Neutral | |
| Fractals | Neutral | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Neutral |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 20,15 |
| Stop loss | Above 21 |
Market Analysis provided by IFCMarkets
