South Africa’s rand, the world’s best-performing major currency this year, may rally another 4 percent if it breaks through 8.23 per dollar and stays there, based on technical analysis by Barclays Plc-owned Absa Capital.
Candlestick charting shows the rand closed stronger than its opening levels everyday last week, suggesting it’s “fighting” to appreciate further, said Judy Padayachee, a technical analyst at Johannesburg-based Absa. Even so, it has yet to remain stronger than the so-called “resistance” level of 8.23 per dollar, according to Padayachee.
Good for them. But thanks to this news I was pleasantly surprised at how awesome the rand looks. Buffalo power!
The notes were redesigned after the end of apartheid in 1994. Here is what the old notes looked like:
You can find out more about South Africa’s currency (with similarly intense drawings of lions and rhinos) here.