USD/ZAR Up 204 Pips On 4 Hour Chart, Underperforms All Forex; Moves Down For the 3rd Day In A Row

USD/ZAR 4 Hour Price Update

Updated June 24, 2020 01:10 PM GMT (09:10 AM EST)

USD/ZAR is up 204 pips (0.12%) since the last 4 hour candle (opening the current 4 hour candle near 17.3032), marking the 3rd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, USD/ZAR ended up ranking 10th for the four-hour candle in terms of price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR is down 476 pips (0.28%) since yesterday (opening today near 17.19784), marking the 3rd day in a row a decrease has occurred. On a relative basis, USD/ZAR was the worst performer out of all 40 of the assets in the Forex asset class. Below is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

Coming into today the current price of USD/ZAR is sitting close to its 20 and 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 20 day average, which is 1476.9 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 up. Or to simplify this another way, note that out of the past 10 days USD/ZAR’s price has gone up 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

wait for the break above n retest of the 17.34390 level as we looking at this beautiful flag