USDZAR Up 249 Pips in Last Hour, Underperforms All Forex; Eyes 50 Day Average

Hourly Update

(Last Updated January 13, 2021 2:16 GMT)

Currently, USDZAR’s rate is up 249 pips (0.16%) from the hour prior. This is the 2nd straight hour USDZAR has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see downtrend 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 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 15.2254, down 2910 pips (1.88%) from the day prior. On a relative basis, USDZAR was the worst performer out of all 40 of the assets in the Forex asset class. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that USDZAR is now close to its 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 15 out of the past 30 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 14 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.