(Last Updated September 6, 2021 23:15 GMT)
At the time of this writing, USDZAR’s rate is down -9 pips (-0.01%) 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. 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 14.3098, down 1418 pips (0.98%) from the day prior. On a relative basis, USDZAR was the worst performer out of all 39 of the assets in the Forex asset class. Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDZAR crossed below its 100 day moving average yesterday. 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 62.5 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 9 out of the past 10 days.
The View From Around the Web
Not much commentary on USDZAR that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
looking at the tested support and resistance and order block levels, all have been tested except for 1, which is where by probability price is likely to reach its exhausted phase interms of shorts and the bulls will push market to the upside from then on. analysis broken down from monthly, weekly, to daily and entry is the one on 4Hrs.