(Last Updated May 28, 2021 1:17 GMT)
At the moment, USDZAR’s rate is down 6 pips (0%) from the hour prior. The hourly chart shows that USDZAR has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDZAR. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 885 pips (0.64%) since the previous day (opening today near 13.7656), marking the 5th straight day it has gone down. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 36th for the day in terms of price change. 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 14.1159 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. For additional context, note that price has gone down 8 out of the past 10 days.