USD/ZAR Price Recap
USD/ZAR, currently priced near 14.0821, is up 710 pips 0.51% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 19.68% from the day prior, but up 43.38% from the same day the week before. USD/ZAR outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! Here is a 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 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 20 day average, which is 2761.8 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 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 10 days.
The View From Around the Web
This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we ; below is a short snippet from it to give you a taste.
Price trying to make one more move up. price already bounced well watch correction to buy and watch price at the upper trendline to sell again