USD/ZAR Down 163 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 17, 2022 1:41 GMT)

At the moment, USDZAR’s rate is down -163 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

USDZAR is down 387 pips (0.22%) since the day prior (opening today near 17.2609), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, USDZAR ranked 36th the day prior in terms of percentage price change. The price chart of USDZAR below illustrates.

USDZAR

USDZAR Technical Analysis

Coming into today USDZAR is now close to its 100 day averages, located at 17.3355 respectively, and thus may be at a key juncture along those timeframes. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 7 them.