USDZAR Down 1 Pips On Hourly Chart; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated April 30, 2021 4:17 GMT)

At the moment, USDZAR’s rate is down 1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDZAR has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 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 14.3008, up 733 pips (0.52%) since the day prior. Relative to other instruments in the Forex asset class, USDZAR ranked 3rd the day prior in terms of percentage price change. The price chart of USDZAR below illustrates.

USDZAR

USDZAR Technical Analysis

Coming into today USDZAR is now close to its 20 day averages, located at 14.39 respectively, and thus may be at a key juncture along those timeframes. 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 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 6 out of the past 10 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. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.