(Last Updated October 12, 2020 2:16 GMT)
At the moment, USDZAR’s rate is up 51 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDZAR has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)
USDZAR is down 1527 pips (0.92%) since yesterday (opening today near 16.4274), marking the 3rd straight day it has gone down. Relative to other instruments in the Forex asset class, USDZAR ranked 36th yesterday in terms of percentage price change. Here is a price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that the current price of USDZAR is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 2301 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone down 18 them.