(Last Updated September 9, 2020 15:14 GMT)
Currently, USDZAR’s rate is down -501 pips (-0.3%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 5 of the past 5 hours. 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDZAR entered today at 16.7279, up 1645 pips (0.99%) from yesterday. On a relative basis, yesterday was pretty good: USDZAR bested all 40 of the assets in the Forex class 🙂 Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
Notably, USDZAR is now close to its 20, 50 and 200 day averages, located at 17.0405, 16.9575 and 16.4907 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 2296.5 pips away. 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. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on USDZAR, with 7 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 7, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.