USDZAR Down 125 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 10, 2021 2:15 GMT)

Currently, USDZAR’s rate is down -125 pips (-0.09%) from the hour prior. This is the 2nd straight hour USDZAR has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 14.1998, up 192 pips (0.14%) from the day prior. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 6th in terms of percentage change since the day prior. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, USDZAR is now close to its 100 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 100 day average, which is 1148.3 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 3 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

A plethora of economic data today ended in a win for rand bulls as USD/ZAR eyes 14.000, while focus shift towards Fed speeches later today.