TALKING TECHNICALS: ‘The rattler’ snaps back
The rand has acted exactly as predicted, showing that its nickname is deserved
This month’s technical analysis column focuses on currencies. First up is the rand, in its relation to the US dollar.
The rand is known in the currencies market as the "rattler", as it has a habit of snapping back hard in the opposite direction to a big move. That’s exactly what has happened in recent months. Back in April, when the rand was trading at north of R19.00 to the dollar, this column published historical analysis that suggested the SA currency could recover sharply in the months to follow...