USDZAR Down 5 Pips in Last Hour, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated February 24, 2021 0:18 GMT)

At the moment, USDZAR’s rate is down 5 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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 and 10 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 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 up 210 pips (0.14%) since the day prior (opening today near 14.6659), marking the 2nd straight day it has gone up. Relative to other instruments in the Forex asset class, USDZAR ranked 21st the day prior in terms of percentage price change. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Coming into today the current price of USDZAR is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!