(Last Updated February 17, 2021 23:16 GMT)
Currently, USDZAR’s rate is up 14 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 hour changed directions on USDZAR; it is now pointing down. 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)
A moment of silence, please, for the end of USDZAR’s 3 day down streak; price ended the previous day up 2064 pips (1.43%) to finish the day at a rate of 14.6496. For context, observe that the previous day was noteworthy in the sense that USDZAR bested all 39 of the assets in the Forex class. The price chart of USDZAR below illustrates.
USDZAR Technical Analysis
Coming into today USDZAR is now close to its 20 and 50 day averages, located at 14.9131 and 14.9091 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 2594.7 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. For additional context, note that price has gone down 6 out of the past 10 days.