USD/ZAR Up 74 Pips Over Past Hour, 4 Day Up Streak Ended; Eyes 20 Day Average

Hourly Update

(Last Updated December 16, 2021 1:38 GMT)

At the moment, USDZAR’s rate is up 74 pips (0.05%) from the hour prior. The hourly chart shows that USDZAR has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see downtrend on the 10 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 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, which opened today priced near 15.9704, is down 1188 pips 0.74% since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. Relative to other instruments in the Forex asset class, USDZAR ranked 35th the day prior in terms of percentage price change. The price chart of USDZAR below illustrates.

USDZAR

USDZAR Technical Analysis

Notably, the current price of USDZAR is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USDZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone up 7 them.