USD/ZAR Down 2473 Pips in Last 4 Hours, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

USD/ZAR 4 Hour Price Update

Updated May 21, 2020 05:10 PM GMT (01:10 PM EST)

USD/ZAR is down 2473 pips (1.38%) since the previous 4 hours (opening the current 4 hour candle near 17.6479), marking the 3rd candle in a row a decline has happened. It may be worth observing that USD/ZAR was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR entered today at 17.9257, up 170 pips (0.09%) from the day prior. Relative to other instruments in the Forex asset class, USD/ZAR ranked 7th the day prior in terms of percentage price change. Below is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days USD/ZAR’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 12 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.92, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a pennant technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Looks like a liquidity sweep below the (X) and bullish divergence printing from prev. low in the range. This is a great r:r long trade. It also looks like DXY is moving up slowly and USDZAR should as well w/ reasons stated above. Trade Details on the chartNot investment advice