(Last Updated September 17, 2021 1:15 GMT)
Currently, USDZAR’s rate is up 185 pips (0.13%) from the hour prior. The hourly chart shows that USDZAR has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 up 875 pips (0.61%) since yesterday (opening today near 14.4067), marking the 2nd straight day it has gone up. For context, observe that yesterday was noteworthy in the sense that USDZAR bested all 39 of the assets in the Forex class. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
Notably, the current price of USDZAR is sitting close to its 20, 50, 100 and 200 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 926.5 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.