USD/ZAR Up 39 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 01:06 PM GMT (09:06 AM EST)

USD/ZAR is up 39 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 16.7663), marking the 3rd candle in a row it has gone up. Relative to other instruments in the Forex asset class, USD/ZAR ranked 14th 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. Out of the 40 instruments in the Forex asset class, USD/ZAR ended up ranking 10th for the day in terms of price change. Below is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

The first thing we should note is that USD/ZAR is now close to its 20, 50 and 200 day averages, located at 16.766, 16.9933 and 16.4075 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 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 5 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. Here’s a piece we found on that we thought you might enjoy.