Or to simplify this another way, note that out of the past 30 days usd/zar’s price has gone down 17 them.
On a relative basis, usd/zar was the worst performer out of all 40 of the assets in the forex asset class.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.
This imputes a buy/sell ratio of 0.6, which is bearish.
For additional context, note that price has gone up 8 out of the past 14 days.
Or to simplify this another way, note that out of the past 14 days usd/zar’s price has gone up 8 them.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe.
As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns.
This imputes a buy/sell ratio of 1, which is neutral.