USD/ZAR Price Recap
USD/ZAR enters today at 14.9744 in US dollars, down 934 pips (0.62%) from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 2.42% from the day before — and down 8.16% from the same day the week before. On a relative basis, USD/ZAR was the worst performer out of all 40 of the assets in the Forex asset class.
Let’s take a look at price chart of USD/ZAR.
USD/ZAR Technical Analysis
The first thing we should note is that USD/ZAR is now close to its 20, 100 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 100 day average, which is 3016.8 pips away. Volatility for USD/ZAR has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.
The View From Around the Web
This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
With my forecast, I’m expecting to see this pair getting bears entering the market sometime later this week at the D point(15.35) level….Once my setup criteria are satisfied at least getting a pin bar or engulfing candle il be looking to short this pair….In the meantime, il be monitoring the pair or look for smaller timeframe longs to the anticipated level.