USD/ZAR Down 346 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
(Last Updated February 24, 2021)
Welcome to the news page for USDZAR (USDZAR). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
South Africa 2021 National Budget | NA | South African Rand | ZAR | 2021-02-24 | 12:00 GMT | ||
United States New Home Sales MoM | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 2.1% | |
United States New Home Sales | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 0.855M | |
United States Fed Chair Powell Testimony | NA | US Dollar | USD | 2021-02-24 | 15:00 GMT | ||
United States Fed Brainard Speech | NA | US Dollar | USD | 2021-02-24 | 15:30 GMT |
On USDZAR, there is currently a downtrend on the 90, 30 and 14 day timeframes.
Across several time periods between 20 and 200 days, the trend on USDZAR has remained consistently bearish.
Below is a chart showing USDZAR’s price with its moving averages.
In terms of correlations over the past week for USDZAR, it has demonstrated the strongest correlation with USDNOK. If we zoom out to a two week basis, though, ZARJPY is the asset most correlated to USDZAR. Alternatively, the asset least correlated with USDZAR over the past week has been USDSEK, but if we observe the prior two weeks, the asset least correlated with USDZAR has been CADCHF. The chart below illustrates USDZAR against its least correlated assets.
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At the time of this writing, USDZAR’s rate is down -1106 pips (-0.76%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows USDZAR’s price action over the past year.
Monthly trend: strongest on the 120 month timeframe.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
But, let’s not get carried away with that idea just yet. 🙂 as for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdzar.
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Price action traders may also wish to note that we see a doji candlestick pattern on usdzar.
Price action traders may also wish to note that we see a doji candlestick pattern on usdzar.
Relative to other instruments in the forex asset class, usdzar ranked 12th the day prior in terms of percentage price change.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Or to simplify this another way, note that out of the past 14 days usdzar’s price has gone down 10 them.
Of note is that the 100 hour changed directions on usdzar; it is now pointing down.