This is the 2nd hour in a row usdzar has seen its price head up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
How long can this go on before fundamentals play catch up?
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
Volatility for usdzar has been contracting over the past two weeks relative to volatility over the past month.
For additional context, note that price has gone up 5 out of the past 10 days.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdzar.
Compared to its peers in the forex, usdzar gave its buyers a return that ranked 3rd in terms of percentage change since yesterday.
It’s been a feast for bears operating on an hourly timeframe, as usdzar has now gone down 4 of the past 5 hours.
Price action traders may also wish to note that we see a doji candlestick pattern on usdzar.