Twin Golden Crosses Beckon for South African Rand, Stocks: Chart

If technical charts are anything to go by, South Africa’s currency and stock markets are set for further gains next quarter. The blue, 50-day moving average lines for the rand and the Johannesburg All Share Index are poised to climb above the yellow, 100-day moving average lines -- two bullish golden cross signals. Rand bears are losing out and the currency could return to levels around 13 to the dollar seen in October and November, according to Kamran Sheikh, a technical strategist at Informa Global Markets in London.

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