(Last Updated October 16, 2020 3:16 GMT)
At the moment, USDZAR’s rate is down -37 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 choppiness in price, as the 20, 50, 100 and 200 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 up 1060 pips (0.64%) since the day prior (opening today near 16.629149), marking the 2nd straight day an increase has occurred. Out of the 40 instruments in the Forex asset class, USDZAR ended up ranking 3rd for the day in terms of price change. Below is a price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that USDZAR is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 593.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days.