(Last Updated February 15, 2021 23:16 GMT)
Currently, USDZAR’s rate is down -104 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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)
USDZAR is down 794 pips (0.54%) since yesterday (opening today near 14.5492), marking the 2nd straight day it has gone down. It may be worth observing that USDZAR was the worst performer of the 39 members in the Forex asset class over the past day. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
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 3808.3 pips away. The clearest trend exists on the 14 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 down 10 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
1) Price has reached a previous support zone 2) At this zone , price could get rejected and go up or we could see a break of support for the market to go retest the zone before making a move to the downside.