(Last Updated November 22, 2022 1:38 GMT)
Currently, USDZAR’s rate is down 1 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly 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.
USDZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 17.3253, up 846 pips (0.49%) since yesterday. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 9th in terms of percentage change since yesterday. The price chart of USDZAR below illustrates.
USDZAR Technical Analysis
The first thing we should note is that the current price of USDZAR is sitting close to its 20 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 397.6 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone up 15 them.