(Last Updated January 8, 2021 3:17 GMT)
At the time of this writing, USDZAR’s rate is up 159 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDZAR is up 3429 pips (2.28%) since yesterday (opening today near 15.4133), marking the 5th consecutive day an increase has occurred. For context, observe that yesterday was noteworthy in the sense that USDZAR bested all 40 of the assets in the Forex class. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
First things first: USDZAR crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone up 7 out of the past 10 days.