(Last Updated July 2, 2020)
Hello! This is the news page for USDZAR. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
If we observe the 90 and 14 day timeframes, we see a downtrend in place for USDZAR.
The moving averages on USDZAR summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bullish, implying a upward trend, aside from a decline about 7 weeks prior.
The chart below illustrates.
As for assets in the Forex asset class USDZAR has been correlated to over the past week, it has demonstrated the strongest correlation with ZARJPY. USDZAR has been most correlated with ZARJPY over the past 14 days also, so this may be a recurring pattern. Alternatively, the asset least correlated with USDZAR over the past week has been CADCHF, but if we observe the prior two weeks, the asset least correlated with USDZAR has been GBPNZD. The chart below illustrates USDZAR against its least correlated assets.
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As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
The closest is the 20 day average, which is 1783.2 pips away.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
The closest is the 20 day average, which is 1289.1 pips away.
This imputes a buy/sell ratio of 0.25, which is bearish.
Compared to its peers in the forex, usd/zar gave its buyers a return that ranked 3rd in terms of percentage change since the day prior.
For additional context, note that price has gone up 8 out of the past 14 days.
The closest is the 20 day average, which is 1476.9 pips away.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
This imputes a buy/sell ratio of 2, which is bullish.