USD/ZAR Down 25 Pips in Last Hour, 2 Day Up Streak Broken; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated July 13, 2022 1:36 GMT)

At the time of this writing, USDZAR’s rate is down -25 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 17.0196, down 867 pips (0.51%) since yesterday. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDZAR, with 1 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.14, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a moving average technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price has reached a smart money bearish kill zone, there is a lot of confluence provided by a cluster of Fibs. We anticipate bearish liquidity hence a short bias at play….Good luck