USD/ZAR 4 Hour Price Update
Updated June 25, 2020 01:11 PM GMT (09:11 AM EST)
A moment of silence, please, for the end of USD/ZAR’s 8 four-hour candle up streak; price ended the last 4 hour candle down 374 pips (-0.21%) to finish the four-hour candle at a rate of 17.4262. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 28th in terms of percentage change since the last 4 hour candle.
USD/ZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/ZAR is up 542 pips (0.31%) since the day prior (opening today near 17.41567), marking the 2nd day in a row an upward move has occurred. On a relative basis, the day prior was pretty good: USD/ZAR bested all 40 of the assets in the Forex class 🙂 The price chart of USD/ZAR below illustrates.
USD/ZAR Technical Analysis
Coming into today the current price of USD/ZAR is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 2366.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDZAR, with 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
wait for the break above n retest of the 17.34390 level as we looking at this beautiful flag