USDZAR Up 167 Pips On Hourly Chart, Underperforms All Forex; is Inching Close to 20 Day Average

Hourly Update

(Last Updated May 4, 2021 2:16 GMT)

At the moment, USDZAR’s rate is up 167 pips (0.12%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDZAR entered today at 14.3913, down 1025 pips (0.71%) from the previous day. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Coming into today the current price of USDZAR is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USDZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.