USDZAR Up 10 Pips On Hourly Chart, Entered Today Down For the 2nd Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 9, 2020 2:16 GMT)

Currently, USDZAR’s rate is up 10 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 is down 389 pips (0.23%) since the previous day (opening today near 16.5801), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDZAR ranked 29th the previous day in terms of percentage price change. The price chart of USDZAR below illustrates.

USDZAR

USDZAR Technical Analysis

Coming into today USDZAR is now close to its 20, 50, 100 and 200 day averages, located at 16.6732, 16.9272, 16.9573 and 16.7553 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 931 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 14 days.