(Last Updated January 14, 2021 2:17 GMT)
Currently, USDZAR’s rate is down -39 pips (-0.03%) from the hour prior. This is the 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 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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)
The back and forth price flow continues for USDZAR, which started today off at 15.2449, up 195 pips 0.13% from the previous day. Relative to other instruments in the Forex asset class, USDZAR ranked 13th the previous day in terms of percentage price change. Here is a price chart of USDZAR.
USDZAR Technical Analysis
Coming into today USDZAR is now close to its 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.