USDZAR Down 106 Pips On Hourly Chart, Underperforms All Forex; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated September 7, 2020 15:14 GMT)

At the time of this writing, USDZAR’s rate is down -106 pips (-0.06%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 and 50 hour changed directions on USDZAR; they are now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDZAR is down 1615 pips (0.97%) since the day prior (opening today near 16.5634), marking the 2nd consecutive day a decrease has occurred. On a relative basis, USDZAR was the worst performer out of all 40 of the assets in the Forex asset class. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, the current price of USDZAR is sitting close to its 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 828.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone down 10 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram