USD/ZAR Down 28 Pips in Last Hour, Fares the Worst Out of Forex; Entered Today Down For the 2nd Straight Day

Hourly Update

(Last Updated January 7, 2022 1:38 GMT)

At the time of this writing, USDZAR’s rate is down -28 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend 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 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 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 is down 1687 pips (1.06%) since yesterday (opening today near 15.7275), marking the 2nd straight day a decrease has occurred. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, USDZAR crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Not much commentary on USDZAR that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I think this pair is my new wife, i just love how it respects market structure