USD/ZAR Up 220 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/ZAR 4 Hour Price Update

Updated May 25, 2020 05:10 PM GMT (01:10 PM EST)

USD/ZAR is up 220 pips (0.12%) since the last 4 hour candle (opening the current 4 hour candle near 17.6639), marking the 4th candle in a row it has gone up. Relative to other instruments in the Forex asset class, USD/ZAR ranked 3rd the last 4 hour candle in terms of percentage price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR is up 278 pips (0.16%) since the day prior (opening today near 17.6298), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 5th in terms of percentage change since the day prior. Here is a price chart of USD/ZAR.

USD/ZAR 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 100 day average, which is 5795.3 pips away. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 and 30 day timeframes. Or to simplify this another way, note that out of the past 30 days USD/ZAR’s price has gone up 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDZAR, with 6 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

With DXY at resistance zone with potentially a bit more up, I would definitely not sell at this point….Selling the pullback would be the preferred option imo….DXY: