USDZAR Down 43 Pips in Last Hour; Underperforms All Forex

Hourly Update

(Last Updated September 15, 2020 23:15 GMT)

Currently, USDZAR’s rate is down -43 pips (-0.03%) from the hour prior. USDZAR has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USDZAR, which started today off at 16.7414, down 1585 pips 0.94% from the day prior. Those trading within the Forex asset class should know that USDZAR was the worst performer in the class. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that the current price of USDZAR 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 1745.4 pips away. Volatility for USDZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone up 7 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDZAR, Forcasting buy strecture,and buy at this key level double malti touch chart pattren ?thank you


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram