USD/ZAR Down 39 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Price Base in Formation Over Past 14 Days

USD/ZAR 4 Hour Price Update

Updated July 01, 2020 01:03 AM GMT (09:03 PM EST)

USD/ZAR is down 39 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 17.344), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, USD/ZAR ended up ranking 26th for the four-hour candle in terms of price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR is up 720 pips (0.42%) since the day prior (opening today near 17.34671), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 8th in terms of percentage change since the day prior. Let’s take a look at price chart of USD/ZAR.

USD/ZAR Technical Analysis

Coming into today USD/ZAR is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 1783.2 pips away. Volatility for USD/ZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USD/ZAR’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 0 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

REsistance zone + fib rejections+ lower high confluence