USD/ZAR Down 7 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated July 29, 2022 1:38 GMT)

At the time of this writing, USDZAR’s rate is down -7 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 8 of the past 10 hours. 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 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 choppiness in price, as the 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)

USDZAR is down 1726 pips (1.03%) since the previous day (opening today near 16.5226), marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, USDZAR ranked 34th the previous day in terms of percentage price change. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Coming into today USDZAR is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for USDZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone up 15 them.