USDZAR Up 130 Pips On Hourly Chart, Tops All Forex; Moves Up For the 2nd Consecutive Day

Hourly Update

(Last Updated September 23, 2020 0:14 GMT)

At the moment, USDZAR’s rate is up 130 pips (0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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)

USDZAR is up 4655 pips (2.85%) since the day prior (opening today near 16.779099), marking the 2nd consecutive day it has gone up. For context, observe that the day prior was noteworthy in the sense that USDZAR bested all 40 of the assets in the Forex class. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, USDZAR crossed above its 20 and 200 day moving averages yesterday. 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 50 day average, which is 981.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 14 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram