USDZAR Down 250 Pips On Hourly Chart, 8 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 3, 2021 2:15 GMT)

Currently, USDZAR’s rate is down -250 pips (-0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. 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. 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)

A moment of silence, please, for the end of USDZAR’s 8 day down streak; price ended yesterday up 433 pips (0.3%) to finish the day at a rate of 14.4516. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 12th in terms of percentage change since yesterday. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that USDZAR is now close to its 20, 50, 100 and 200 day averages, located at 14.8105, 14.6058, 14.316 and 14.6023 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 1356.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone down 8 them.