(Last Updated September 8, 2021 12:15 GMT)
At the time of this writing, USDZAR’s rate is down -158 pips (-0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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 entered today at 14.3022, up 777 pips (0.55%) from the day prior. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 5th for the day in terms of 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 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 140.1 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone down 10 them.