(Last Updated August 2, 2022 1:36 GMT)
Currently, USDZAR’s rate is up 389 pips (0.24%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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)
The back and forth price flow continues for USDZAR, which started today off at 16.4729, down 1660 pips 1% from the day prior. Relative to other instruments in the Forex asset class, USDZAR ranked 37th the day prior in terms of percentage price change. Below is a price chart of USDZAR.
USDZAR Technical Analysis
Notably, USDZAR is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, 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.
The View From Around the Web
Not much commentary on USDZAR that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.