(Last Updated June 9, 2021 20:17 GMT)
At the moment, USDZAR’s rate is up 79 pips (0.06%) from the hour prior. USDZAR has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 756 pips (0.56%) since the previous day (opening today near 13.5656), marking the 2nd consecutive day an increase has occurred. USDZAR outperformed all 39 assets in the Forex asset class the previous day. Here is a price chart of USDZAR.
USDZAR Technical Analysis
The first thing we should note is that USDZAR is now close to its 20 day averages, located at 13.8298 respectively, and thus may be at a key juncture along those timeframes. 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 9 them.
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 dailyfx.com; below is a short snippet from it to give you a taste.
Unsurprising South African GDP data has not swayed recent Rand strength but with more hard hitting U.S. CPI data later this week, will risk sentiment adjust?