(Last Updated January 1, 2021 3:16 GMT)
At the moment, USDZAR’s rate is down 4 pips (0%) from the hour prior. This is 2nd hour in a row USDZAR has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDZAR. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDZAR entered today at 14.68703, up 944 pips (0.65%) from the previous day. Out of the 40 instruments in the Forex asset class, USDZAR ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
Coming into today USDZAR is now close to its 20 day averages, located at 14.822 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone down 17 them.
The View From Around the Web
Not much commentary on USDZAR that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
South Africa’s economic recovery appears dismal as restrictions weigh on the ZAR