USD/ZAR Down 207 Pips On 4 Hour Chart; Price Base in Formation Over Past 30 Days

USD/ZAR 4 Hour Price Update

Updated June 29, 2020 09:07 PM GMT (05:07 PM EST)

USD/ZAR entered the current 4 hour candle at 17.2851, down 207 pips (0.12%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/ZAR ended up ranking 30th for the four-hour candle in terms of price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/ZAR continues; to start today, it came in at a price of 17.23, down 380 pips (0.22%) since the day prior. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 39th in terms of percentage change since the day prior. Let’s take a look at price chart of USD/ZAR.

USD/ZAR Technical Analysis

Coming into today the current price of USD/ZAR 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. 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 20 day average, which is 1378.5 pips away. Volatility for USD/ZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDZAR, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A downtrend on USD, with a Breakout and retest, supported by the bearish engulfing after retesting the breakout