(Last Updated June 3, 2021 4:17 GMT)
At the moment, USDZAR’s rate is down -85 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
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 13.5117, down 2342 pips (1.7%) since the day prior. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. Here is a price chart of USDZAR.
USDZAR Technical Analysis
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 10 out of the past 14 days.
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. This imputes a buy/sell ratio that’s 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.
The Rand has taken fundamental knocks this week but USD/ZAR price action tells a different story. How long will this Rand remain resolute?