USDZAR Down 102 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated May 3, 2021 2:16 GMT)

At the time of this writing, USDZAR’s rate is down -102 pips (-0.07%) 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 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDZAR is up 1930 pips (1.35%) since yesterday (opening today near 14.4938), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, USDZAR ranked 2nd yesterday in terms of percentage price change. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

First things first: USDZAR crossed above its 20 day moving average yesterday. Volatility for USDZAR 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 30 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone up 7 them.