USDZAR Down 15 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated February 19, 2021 0:18 GMT)

At the moment, USDZAR’s rate is down -15 pips (-0.01%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDZAR entered today at 14.6427, down 69 pips (0.05%) from the previous day. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that the current price of USDZAR is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone down 10 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.