(Last Updated September 8, 2021 1:45 GMT)
At the time of this writing, USDZAR’s rate is down -103 pips (-0.07%) from the hour prior. This is the 2nd hour in a row USDZAR has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 14.3022, up 777 pips (0.55%) since the previous day. Relative to other instruments in the Forex asset class, USDZAR ranked 5th the previous day in terms of percentage price change. Here is a price chart of USDZAR.
USDZAR Technical Analysis
Notably, USDZAR is now close to its 50, 100 and 200 day averages, located at 14.6081, 14.3162 and 14.5867 respectively, and thus may be at a key juncture along those timeframes. 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 140.1 pips away. The clearest trend exists on the 14 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 10 out of the past 14 days.