USD/ZAR Down 248 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/ZAR 4 Hour Price Update

Updated July 24, 2020 09:11 PM GMT (05:11 PM EST)

USD/ZAR is down 248 pips (0.15%) since the last 4 hour candle (opening the current 4 hour candle near 16.6719), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USD/ZAR ranked 33rd the last 4 hour candle in terms of percentage price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR is up 89 pips (0.05%) since the day prior (opening today near 16.64874), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 10th in terms of percentage change since the day prior. Below is a price chart of USD/ZAR.

USD/ZAR

USD/ZAR Technical Analysis

Notably, the current price of USD/ZAR is sitting close to its 20, 50 and 200 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 20 day average, which is 1172.1 pips away. Volatility for USD/ZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 7 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price was rejected at a support zone, pushing it back up to the resistive trendline….Price appears to be getting rejected at the resistive trendline, presenting a short opportunity for USDZAR….The first target would be the previous support zone at which price was rejected.