(Last Updated January 4, 2021 2:16 GMT)
Currently, USDZAR’s rate is up 72 pips (0.05%) 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. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 entered today at 14.68703, up 944 pips (0.65%) from the day prior. Relative to other instruments in the Forex asset class, USDZAR ranked 3rd the day prior in terms of percentage price change. Below is a price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that 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. 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 up 5 out of the past 10 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 0 sell signals and 3 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
LOOKING FOR THIS PAIR TO BE BULLISH THIS WEEK GOOD LUCK