USD/ZAR 4 Hour Price Update
Updated July 03, 2020 01:16 AM GMT (09:16 PM EST)
The back and forth price flow continues for USD/ZAR, which started the current 4 hour candle off at 16.9887, up 200 pips 0.12% from the previous 4 hours. On a relative basis, the previous 4 hours were pretty good: USD/ZAR bested all 37 of the assets in the Forex class 🙂
USD/ZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/ZAR entered today at 16.98795, up 434 pips (0.26%) from yesterday. USD/ZAR outperformed all 40 assets in the Forex asset class yesterday. Below is a price chart of USD/ZAR.
USD/ZAR Technical Analysis
Coming into today USD/ZAR is now close to its 20 day averages, located at 17.1957 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 2077.8 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USD/ZAR’s price has gone down 17 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on USDZAR, with 5 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.71, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
USDZAR is rapidly approaching a supportive trendline, presenting a opportunity to go long at the trendline….However, traders should also be aware that USDZAR is also following along a resistive trendline, meaning that USDZAR could break below the supportive trendline and continue heading down….Once price is at the supportive trendline, we will monitor it and wait for a good opportunity to present itself.