USD/ZAR Down 412 Pips in Last 4 Hours, Underperforms All Forex; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 30 days usd/zar’s price has gone down 17 them.
USDZAR
(Last Updated May 28, 2020)
Welcome to the news page for USDZAR (USDZAR). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
As for trends on USDZAR, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
USDZAR Moving Averages
Nuances in the trend on USDZAR can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, while the 20 and 50 day averages are pointing downward, suggesting a bearish trend on those timeframes. This implies that the long-term trend — meaning going back over 3 months — is bullish, while the trend over the past month and a half is bearish.
Below is a chart showing USDZAR’s price with its moving averages.
As for correlation, As for assets in the Forex asset class USDZAR has been correlated to over the past week, it has been most correlated with NZDUSD. Over the past 14 days, however, the asset showing the strongest correlation to USDZAR is ZARJPY. Alternatively, EURTRY has been the asset least correlated with USDZAR — but if we observe the prior two weeks, the asset least correlated with USDZAR has been GBPCHF. See the chart below to observe the recent price action in USDZAR versus those of assets it hasn’t been well correlated with.
.
USD/ZAR Up 827 Pips Over Past 4 Hours, Fares the Worst Out of Forex; in a Downtrend Over Past 14 Days
On a relative basis, usd/zar was the worst performer out of all 40 of the assets in the forex asset class.
USD/ZAR Down 225 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
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.
USD/ZAR Down 43 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.
USD/ZAR Down 153 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 14 Days
This imputes a buy/sell ratio of 0.6, which is bearish.
USD/ZAR Up 161 Pips Over Past 4 Hours, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 8 out of the past 14 days.
USD/ZAR Down 2473 Pips in Last 4 Hours, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 14 days usd/zar’s price has gone up 8 them.
USD/ZAR Down 605 Pips On 4 Hour Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart
It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe.
USD/ZAR Up 754 Pips Over Past 4 Hours, 2 Day Down Streak Ended; Eyes 50 Day Average
As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns.
USD/ZAR Up 238 Pips Over Past 4 Hours, in an Uptrend Over Past 90 Days; is Inching Close to 20 Day Average
This imputes a buy/sell ratio of 1, which is neutral.