(Last Updated April 22, 2021 2:16 GMT)
At the moment, USDZAR’s rate is down -45 pips (-0.03%) from the hour prior. The hourly chart shows that USDZAR has seen 2 straight down hours. 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 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)
The back and forth price flow continues for USDZAR, which started today off at 14.2408, down 563 pips 0.39% from the previous day. Relative to other instruments in the Forex asset class, USDZAR ranked 31st the previous day in terms of percentage price change. Below is a price chart of USDZAR.
USDZAR Technical Analysis
Notably, 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 7 them.