USDZAR Down 100 Pips in Last Hour, in a Downtrend Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated June 2, 2021 2:17 GMT)

Currently, USDZAR’s rate is down -100 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, 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 13.7459, up 276 pips 0.2% from the day prior. Out of the 39 instruments in the Forex asset class, USDZAR ended up ranking 8th for the day in terms of price change. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that USDZAR is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 USDZAR’s price has gone down 19 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.