USDZAR Down 170 Pips On Hourly Chart, Fares the Worst Out of Forex; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 7, 2021 17:17 GMT)

At the time of this writing, USDZAR’s rate is down -170 pips (-0.13%) from the hour prior. This is the 2nd straight hour USDZAR has seen its price head down. 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 doji candlestick pattern on USDZAR. Given that we see an uptrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 13.4346, down 1955 pips (1.43%) since yesterday. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

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. For additional context, note that price has gone down 19 out of the past 30 days.

The View From Around the Web

Not much commentary on USDZAR that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Will we see on more impulse to the upside before we take out 13,400???