USD/ZAR 4 Hour Price Update
Updated May 25, 2020 09:10 PM GMT (05:10 PM EST)
After 4 up four-hour candles, USD/ZAR snaps its streak, falling 153 pips (-0.09%) over the past four-hour candle to close at an exchange rate of 17.6486. On a relative basis, USD/ZAR was the worst performer out of all 37 of the assets in the Forex asset class.
USD/ZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/ZAR is up 278 pips (0.16%) since the previous day (opening today near 17.6298), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, USD/ZAR ended up ranking 5th for the day in terms of price change. 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. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. For additional context, note that price has gone up 5 out of the past 10 days. 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
Of note is that traders in aggregate have opinions 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 tradingview.com; 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: https://www.tradingview.com/chart/DXY/AzNgXmgf-DXY-hitting-resistance-zone-but-will-we-see-one-more-up/