USD/ZAR Up 1903 Pips On 4 Hour Chart, in an Uptrend Over Past 90 Days; Eyes 50 Day Average

USD/ZAR 4 Hour Price Update

Updated May 15, 2020 01:09 PM GMT (09:09 AM EST)

USD/ZAR entered the current 4 hour candle at 18.5651, up 1903 pips (1.04%) from the last 4 hour candle. On a relative basis, the last 4 hour candle were pretty good: USD/ZAR bested all 37 of the assets in the Forex class 🙂

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/ZAR, which started today off at 18.43029, down 5 pips 0% from the day prior. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 28th in terms of percentage change since the day prior. The price chart of USD/ZAR below illustrates.

USD/ZAR Technical Analysis

Coming into today USD/ZAR is now close to its 20 and 50 day averages, located at 18.6054 and 18.3533 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 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USD/ZAR’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 6 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. 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; below is a short snippet from it to give you a taste.

– USDZAR is testing the 20ma and a close above could see the ZAR depreciate further to the dollar- Above R18.80 will validate a symmetrical triangle breakout MANAGE YOUR RISK – -Disclaimer: All ideas are my opinion and should not be taken as financial advice.