(Last Updated April 19, 2021 2:16 GMT)
At the moment, USDZAR’s rate is up 29 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 some doji and pin bar candlestick patterns 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 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, which opened today priced near 14.3009, is up 1453 pips 1.03% since the previous day, marking a reversal from the day prior — and the end of a 4 day negative run. On a relative basis, the previous day was pretty good: USDZAR bested all 39 of the assets in the Forex class 🙂 Here is a price chart of USDZAR.
USDZAR Technical Analysis
Coming into today the current price of USDZAR is sitting close to its 20 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 9 them.