USD/ZAR Down 281 Pips On Hourly Chart, Outperforms All Forex; 2 Day Down Streak Ended

Hourly Update

(Last Updated July 15, 2022 1:39 GMT)

Currently, USDZAR’s rate is down -281 pips (-0.16%) from the hour prior. This is the 3rd consecutive hour USDZAR has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern 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 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 17.1723, up 2606 pips (1.54%) from the previous day. USDZAR outperformed all 39 assets in the Forex asset class the previous day. Congrats to its holders! Let’s take a look at 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. For additional context, note that price has gone up 10 out of the past 14 days.