USD/ZAR Down 40 Pips Over Past Hour, Makes Big Move Relative to Past Month; 2 Day Up Streak Broken

Hourly Update

(Last Updated November 7, 2022 1:36 GMT)

At the moment, USDZAR’s rate is down -40 pips (-0.02%) from the hour prior. This is the 2nd hour in a row USDZAR has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend 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 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 17.8906, down 5151 pips (2.8%) from yesterday. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 38th for the day in terms of price change. The price chart of USDZAR below illustrates.

USDZAR

USDZAR Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDZAR crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 14 days.