USD/ZAR Up 188 Pips Over Past Hour, Underperforms All Forex; 2 Day Up Streak Snapped

Hourly Update

(Last Updated July 15, 2021 2:1 GMT)

Currently, USDZAR’s rate is up 188 pips (0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see downtrend 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)

The choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 14.5071, down 2208 pips (1.5%) since the previous day. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that the current price of USDZAR is sitting close to its 20, 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 1455.5 pips away. Volatility for USDZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone up 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDZAR bearish 13.76737.KhiweAt this profile page, the shared analysis, ideas and also, the strategy of a chart belong to Khiwe with some being influenced. The technical set-ups are speculative, they are not guaranteed for accuracy or in completeness in the form of any content; -it is not to advice on financial markets. Please apply your own analysis and confirm it with price action.