(Last Updated February 11, 2021 1:19 GMT)
At the moment, USDZAR’s rate is up 119 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 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 choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 14.7234, down 1529 pips (1.03%) since the previous day. 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 Technical Analysis
Notably, USDZAR is now close to its 20 and 50 day averages, located at 15.0454 and 14.9643 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 50 day average, which is 2409.1 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 17 out of the past 30 days.