USDZAR Up 1289 Pips On Hourly Chart, Underperforms All Forex; 2 Day Up Streak Broken

Hourly Update

(Last Updated September 10, 2020 16:14 GMT)

At the moment, USDZAR’s rate is up 1289 pips (0.77%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100, 200 and 50 hour moving averages, resulting in them with price now being above them. 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 entered today at 16.6029, down 3349 pips (1.98%) from the previous day. It may be worth observing that USDZAR was the worst performer of the 40 members in the Forex asset class over the past day. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, USDZAR is now close to its 20, 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 903.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone up 15 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 0 sell signals and 3 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

USD/ZAR Remains below key psychological level despite dismal GDP figures


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram