USDZAR Up 180 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated April 28, 2021 2:16 GMT)

At the time of this writing, USDZAR’s rate is up 180 pips (0.12%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is up 907 pips (0.64%) since yesterday (opening today near 14.3629), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, USDZAR ranked 3rd yesterday in terms of percentage price change. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Coming into today USDZAR is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDZAR, with 5 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.