(Last Updated September 18, 2020 23:14 GMT)
Currently, USDZAR’s rate is up 251 pips (0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDZAR. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on USDZAR; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDZAR is down 654 pips (0.4%) since yesterday (opening today near 16.155199), marking the 5th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, USDZAR ranked 39th yesterday in terms of percentage price change. Below is a price chart of USDZAR.
USDZAR Technical Analysis
Notably, USDZAR is now close to its 200 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 200 day average, which is 4134.2 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. 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 pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDZAR, with 7 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 7, which is very bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.