USD/ZAR 4 Hour Price Update
Updated May 18, 2020 05:10 PM GMT (01:10 PM EST)
USD/ZAR, which opened the current 4 hour candle priced near 18.3883, is up 238 pips 0.13% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 5 four-hour candle negative run. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 22nd in terms of percentage change since the last 4 hour candle.
USD/ZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USD/ZAR continues; to start today, it came in at a price of 18.5599, down 43 pips (0.02%) since the day prior. Relative to other instruments in the Forex asset class, USD/ZAR ranked 31st the day prior in terms of percentage price change. Let’s take a look at price chart of USD/ZAR.
USD/ZAR Technical Analysis
Notably, USD/ZAR is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 8 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDZAR, with 7 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel, pennant and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Visible on the chart is the 4H descending Channel I have drawn in as well as the 1H descending channel I have drawn in both of which are currently respected, both falling in line with the daily pennant formation….Should the red countertrend line I have drawn in be broken correctly I will potentially take a short term short position on the 1H….Beware taking a long term short, given the rate cut that could be coming this week bullish movement is possible should it not already be priced in as yet.