(Last Updated September 8, 2020 15:14 GMT)
At the time of this writing, USDZAR’s rate is down -160 pips (-0.09%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDZAR has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)
USDZAR is down 1615 pips (0.97%) since the previous day (opening today near 16.5634), marking the 2nd consecutive day a decline has happened. On a relative basis, USDZAR was the worst performer out of all 40 of the assets in the Forex asset class. Here is a price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that USDZAR is now close to its 50 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 828.4 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. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on USDZAR, with 4 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.