(Last Updated September 4, 2020 9:49 GMT)
Currently, USDZAR’s rate is down -702 pips (-0.42%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100, 20 and 50 hour moving averages, resulting in them so that price is now turning below them. 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)
The back and forth price flow continues for USDZAR, which started today off at 16.812099, up 1656 pips 0.99% from yesterday. For context, observe that yesterday was noteworthy in the sense that USDZAR bested all 40 of the assets in the Forex class. 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, 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 50 day average, which is 1782 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 30 days USDZAR’s price has gone up 17 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 3 buy 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 fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Kindly like the ideas if it is helping you and leave a comment, it will support me and provide a motive to keep posting new profitable trading ideas for you….USDZAR is respecting the 16.35578 support for sometime now….Market might head back to the 61.8 Fib level.