USDZAR Up 40 Pips in Last Hour, 2 Day Up Streak Ended; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 8, 2020 2:16 GMT)

At the moment, USDZAR’s rate is up 40 pips (0.02%) from the hour prior. This is the 2nd consecutive hour USDZAR has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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)

The choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 16.619, down 1056 pips (0.63%) since the previous day. Out of the 40 instruments in the Forex asset class, USDZAR ended up ranking 36th for the day in terms of price change. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

First things first: USDZAR crossed below its 20 day moving average 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 20 day average, which is 701.9 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone down 17 them.