USD/ZAR Up 161 Pips Over Past 4 Hours, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

USD/ZAR 4 Hour Price Update

Updated May 21, 2020 12:47 AM GMT (08:47 PM EST)

After 6 down four-hour candles, USD/ZAR snaps its streak, rising 161 pips (0.09%) over the past four-hour candle to close at an exchange rate of 17.9291. Relative to other instruments in the Forex asset class, USD/ZAR ranked 5th the previous 4 hours in terms of percentage price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR entered today at 17.9257, up 170 pips (0.09%) from yesterday. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 7th in terms of percentage change since yesterday. Below is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 9 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a pennant technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Waiting on extra confirmation for proper sell entries….waiting for extra confirms for sells ….FX:USDZAR WEEKLY TAKE PROFIT IF U SELL 17.41398DAILY Price is trending bearish due to the breakout ..