USD/ZAR Down 102 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 and 30 Days

USD/ZAR 4 Hour Price Update

Updated June 30, 2020 09:07 PM GMT (05:07 PM EST)

After 4 up four-hour candles, USD/ZAR snaps its streak, falling 102 pips (-0.06%) over the past four-hour candle to close at an exchange rate of 17.3479. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 26th in terms of percentage change since the last 4 hour candle.

USD/ZAR End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/ZAR is up 60 pips (0.03%) since the previous day (opening today near 17.26296), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, USD/ZAR gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Below is a price chart of USD/ZAR.

USD/ZAR Technical Analysis

Notably, USD/ZAR is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 1289.1 pips away. Volatility for USD/ZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on the 14 and 30 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USD/ZAR’s price has gone up 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDZAR, with 1 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.12, which is quite 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.

REsistance zone + fib rejections+ lower high confluence