USDZAR Down 707 Pips On Hourly Chart, Underperforms All Forex; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated February 12, 2021 17:19 GMT)

Currently, USDZAR’s rate is down -707 pips (-0.48%) from the hour prior. The hourly chart shows that USDZAR has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

The choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 14.6286, down 1168 pips (0.79%) since the day prior. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. The price chart of USDZAR below illustrates.

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. 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 50 day average, which is 3146.2 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. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 7 them.