USDZAR Up 36 Pips in Last Hour, 6 Day Down Streak Ended; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated May 31, 2021 2:16 GMT)

At the moment, USDZAR’s rate is up 36 pips (0.03%) from the hour prior. USDZAR has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDZAR. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. Of note is that the 20 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 6 day down streak; price ended the previous day up 59 pips (0.04%) to finish the day at a rate of 13.7579. Relative to other instruments in the Forex asset class, USDZAR ranked 18th the previous day in terms of percentage price change. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Coming into today the current price of USDZAR is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 10 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.