USD/ZAR Down 40 Pips in Last 4 Hours, 3 Day Down Streak Broken; in an Uptrend Over Past 90 Days

USD/ZAR 4 Hour Price Update

Updated April 09, 2020 01:07 AM GMT (09:07 PM EST)

USD/ZAR is down 40 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 18.2174), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 28th in terms of percentage change since the last 4 hour candle.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/ZAR’s 3 day down streak; price ended the day prior up 437 pips (0.24%) to finish the day at a rate of 18.2273. Relative to other instruments in the Forex asset class, USD/ZAR ranked 5th the day prior in terms of percentage price change. Here is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

Notably, USD/ZAR is now close to its 20 day averages, located at 17.9346 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USD/ZAR’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 4 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The strong upwards movement is supported through a strong support trendline….The Trendline have been retested about 3 times and therefore is strong….A Short term trendline (blue line) have been broken and retested and therefore indicates buying power rising.