USD/ZAR Down 244 Pips in Last 4 Hours, 2 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

USD/ZAR 4 Hour Price Update

Updated June 03, 2020 01:20 AM GMT (09:20 PM EST)

USD/ZAR is down 244 pips (0.14%) since the previous 4 hours (opening the current 4 hour candle near 17.156), marking the 5th candle in a row a decline has happened. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 33rd in terms of percentage change since the previous 4 hours.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/ZAR continues; to start today, it came in at a price of 17.15774, up 115 pips (0.07%) since the previous day. Out of the 40 instruments in the Forex asset class, USD/ZAR ended up ranking 25th for the day in terms of price change. Below is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

Notably, the current price of USD/ZAR is sitting close to its 100 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 1211 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days USD/ZAR’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDZAR, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Now it just retrace back to the 0.382 fib level of the upper move and found a resistance structure….IF the market will manage to break and restest the resistance area we can look for a short position with a nice risk reward with a target around the 0.5 fib retracement….The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.