USD/ZAR Up 47 Pips in Last Hour, Entered Today Down For the 4th Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated December 28, 2021 1:41 GMT)

At the moment, USDZAR’s rate is up 47 pips (0.03%) from the hour prior. This is the 2nd straight hour USDZAR has seen its price head up. Regarding the trend, note that the strongest trend 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)

USDZAR is down 197 pips (0.13%) since yesterday (opening today near 15.5338), marking the 4th straight day a decrease has occurred. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. Let’s take a look at price chart of USDZAR.

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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone down 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

simple break and retest sell , market is in a downtrend , looking to take sells