USDZAR Down 128 Pips On Hourly Chart, Came Into Today Down For the 3rd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated February 16, 2021 23:16 GMT)

At the time of this writing, USDZAR’s rate is down -128 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 1060 pips (0.73%) since the day prior (opening today near 14.4432), marking the 3rd straight day it has gone down. Relative to other instruments in the Forex asset class, USDZAR ranked 35th the day prior in terms of percentage price change. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

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 50 day average, which is 4724.3 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 10 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price has been in A Strong downtrend on weekly chart expecting reversal when price touches Support Line