(Last Updated February 25, 2021 0:18 GMT)
Currently, USDZAR’s rate is down -290 pips (-0.2%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see downtrend on the 10 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 entered today at 14.5343, down 1316 pips (0.9%) from the day prior. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 37th in terms of percentage change since the day prior. The price chart of USDZAR below illustrates.
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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone down 19 them.