USD/ZAR Up 284 Pips On 4 Hour Chart, Tops All Forex; Pin Bar Pattern Appearing on Chart

USD/ZAR 4 Hour Price Update

Updated July 27, 2020 09:12 PM GMT (05:12 PM EST)

USD/ZAR, which opened the current 4 hour candle priced near 16.4516, is up 284 pips 0.17% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 4 four-hour candle negative run. Relative to other instruments in the Forex asset class, USD/ZAR ranked 5th the previous 4 hours in terms of percentage price change.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR is up 224 pips (0.13%) since the previous day (opening today near 16.6705), marking the 4th day in a row an upward move has occurred. For context, observe that the previous day was noteworthy in the sense that USD/ZAR bested all 40 of the assets in the Forex class. Here is a price chart of USD/ZAR.


USD/ZAR Technical Analysis

The first thing we should note is that USD/ZAR is now close to its 20, 50 and 200 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 20 day average, which is 817.2 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. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDZAR, with 9 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

In Exotics price tends to move at 1….a higher pace & 2….a little bit of an unorthodox style meaning price does not always respect trends/ fibonacci/ market structure.