USDZAR Down 622 Pips On Hourly Chart; Entered Today Down For the 3rd Straight Day

Hourly Update

(Last Updated October 22, 2020 9:16 GMT)

At the time of this writing, USDZAR’s rate is down -622 pips (-0.38%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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 334 pips (0.2%) since the day prior (opening today near 16.4737), marking the 3rd straight day a decline has happened. Out of the 40 instruments in the Forex asset class, USDZAR ended up ranking 23rd for the day in terms of price change. Let’s take a look at price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, the current price of USDZAR is sitting close to its 20, 50, 100 and 200 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 1971.9 pips away. Volatility for USDZAR has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDZAR’s price has gone down 19 them.