USD/ZAR Up 417 Pips On 4 Hour Chart, Fares the Worst Out of Forex; 4 Day Up Streak Snapped

USD/ZAR 4 Hour Price Update

Updated August 03, 2020 05:07 AM GMT (01:07 AM EST)

The choppiness in the recent four-hour candle price action of USD/ZAR continues; to start the current 4 hour candle, it came in at a price of 17.0753, up 417 pips (0.24%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, USD/ZAR ended up ranking 2nd 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, which opened today priced near 17.0088, is down 412 pips 0.24% since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. It may be worth observing that USD/ZAR was the worst performer of the 40 members in the Forex asset class over the past day. The price chart of USD/ZAR below illustrates.

USD/ZAR

USD/ZAR Technical Analysis

The first thing we should note is that USD/ZAR is now close to its 20 and 50 day averages, located at 16.6715 and 16.914 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 948.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USD/ZAR’s price has gone up 17 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, 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.

It made a retest after the breakthrough of our trendline. It will buy up until our resistance is met.