(Last Updated November 10, 2022 1:46 GMT)
At the moment, USDZAR’s rate is down -5 pips (0%) from the hour prior. USDZAR has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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, which opened today priced near 17.7507, is up 493 pips 0.28% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 14th in terms of percentage change since the day prior. Below is a price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that USDZAR is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone up 17 them.