USD/ZAR Up 88 Pips in Last Hour, Came Into Today Up For the 2nd Day In A Row; Breaks Above 20 Day Average

Hourly Update

(Last Updated December 30, 2021 1:40 GMT)

At the time of this writing, USDZAR’s rate is up 88 pips (0.06%) from the hour prior. USDZAR has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 1745 pips (1.11%) since the previous day (opening today near 15.9299), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDZAR ranked 3rd the previous day in terms of percentage price change. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

First things first: USDZAR crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone up 15 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDZAR; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDZAR has bounced off a Weekly/Daily support level , forming a higher low in an uptrend and bouncing off the 14 Weekly EMA . A continuation to 16.40000 (previous higher high) is expected.