USD/ZAR 4 Hour Price Update
Updated June 23, 2020 01:06 PM GMT (09:06 AM EST)
USD/ZAR entered the current 4 hour candle at 17.2271, up 184 pips (0.11%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/ZAR ranked 9th the last 4 hour candle in terms of percentage price change.
USD/ZAR End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/ZAR is down 124 pips (0.07%) since the previous day (opening today near 17.28952), marking the 2nd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USD/ZAR ended up ranking 34th for the day in terms of price change. Let’s take a look at price chart of USD/ZAR.
USD/ZAR Technical Analysis
The first thing we should note is that the current price of USD/ZAR is sitting close to its 20 and 100 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 20 day average, which is 2289.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 8 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 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.