(Last Updated April 21, 2021 3:16 GMT)
At the time of this writing, USDZAR’s rate is down -7 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 4 of the past 5 hours. 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 pin bar 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 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)
The back and forth price flow continues for USDZAR, which started today off at 14.2971, up 827 pips 0.58% from the previous day. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 6th for the day in terms of price change. Let’s take a look at 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. Trend traders will want to observe that the strongest trend appears on the 14 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 17 them.