USD/ZAR Up 25 Pips in Last Hour; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated January 12, 2022 1:38 GMT)

At the time of this writing, USDZAR’s rate is up 25 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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 15.5151, down 1438 pips (0.92%) from yesterday. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 38th for the day in terms of price change. The price chart of USDZAR below illustrates.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that USDZAR is now close to its 20, 50 and 100 day averages, located at 15.7835, 15.7194 and 15.2334 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 9 out of the past 14 days.