USDZAR Down 64 Pips Over Past Hour, Outperforms All Forex; Moves Up For the 2nd Straight Day

Hourly Update

(Last Updated September 16, 2021 2:15 GMT)

Currently, USDZAR’s rate is down -64 pips (-0.04%) from the hour prior. USDZAR has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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 is up 875 pips (0.61%) since the day prior (opening today near 14.4067), marking the 2nd straight day it has gone up. USDZAR outperformed all 39 assets in the Forex asset class the day prior. Here is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

The first thing we should note is that the current price of USDZAR is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 926.5 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Bullish engulfing in USD/ZAR yesterday raises questions of a potential reversal in one of the strongest performing EM currencies this year