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From : FX Daily Hotline: 2 March 2015
Chart of the day: Ł reverses up v Rand

 

The British Pound, US Dollar and Euro all appear on the ''Gainers' list versus the South African Rand

Sterling gained 1.2% and found new support along R17.70, as former resistance in that area (from the mid-January high) converted into a platform.  Note this is close to both the long and short-term moving averages, which could also have exerted a positive effect.  Now, if the rate can break this month's earlier high, at R18.1565, bulls will aim for the yearend peak at R18.5619. 

The Greenback and single European currency both registered 1.1% gains.  The former rallies from Thursday's 'Trough' Key Day Reversal low (see Friday's report) and has possibly reasserted the long-term choppy uptrend.  The latter has the weakest chart pattern, but could be initiating a basing phase.  A push past the 50-day MA would be needed to add weight to that theory.

 

 






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