(Last Updated September 15, 2021 1:15 GMT)
Currently, USDZAR’s rate is up 150 pips (0.1%) from the hour prior. This is the 3rd consecutive hour USDZAR has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 is down 487 pips (0.34%) since yesterday (opening today near 14.1496), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 37th for the day in terms of price change. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
Coming into today the current price of USDZAR is sitting close to its 100 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 100 day average, which is 1631 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 7 out of the past 10 days.