USDZAR Down 96 Pips On Hourly Chart; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 14, 2020 2:16 GMT)

At the time of this writing, USDZAR’s rate is down -96 pips (-0.06%) from the hour prior. This is the 2nd consecutive hour USDZAR has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USDZAR, which started today off at 16.455291, down 447 pips 0.27% from the day prior. Out of the 40 instruments in the Forex asset class, USDZAR ended up ranking 24th for the day in terms of price change. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that USDZAR is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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 1944 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 7 them.