USDZAR Down 26 Pips Over Past Hour, 2 Day Up Streak Snapped; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 24, 2020 0:14 GMT)

Currently, USDZAR’s rate is down -26 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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 pin bar candlestick pattern on USDZAR. Given that we see an uptrend on the 20 and 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDZAR entered today at 16.778399, down 7 pips (0%) from yesterday. Out of the 40 instruments in the Forex asset class, USDZAR ended up ranking 18th for the day in terms of price change. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, USDZAR is now close to its 20, 50, 100 and 200 day averages, located at 16.6704, 16.8783, 17.1447 and 16.5996 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 50 day average, which is 998.8 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We can either aggressively buy or wait to get a sell signal at my estimated “e” leg completion.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram