(Last Updated August 5, 2022 1:38 GMT)
At the time of this writing, USDZAR’s rate is down -17 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 1670 pips (1%) since the day prior (opening today near 16.6062), marking the 2nd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 37th for the day in terms of price change. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that the current price of USDZAR is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 and 30 day timeframes. For additional context, note that price has gone down 9 out of the past 14 days.
The View From Around the Web
Not much commentary on USDZAR that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
USD/ZAR price action exhibits caution as markets look forward to the U.S. NFP release tomorrow while commodity prices help prop up the rand