(Last Updated July 23, 2021 2:15 GMT)
At the time of this writing, USDZAR’s rate is down -175 pips (-0.12%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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)
The back and forth price flow continues for USDZAR, which started today off at 14.683, up 872 pips 0.6% from the day prior. USDZAR outperformed all 39 assets in the Forex asset class the day prior. The price chart of USDZAR below illustrates.
USDZAR Technical Analysis
Notably, USDZAR is now close to its 20, 100 and 200 day averages, located at 14.4067, 14.3307 and 14.7651 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 820.8 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 up 9 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 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 dailyfx.com; below is a short snippet from it to give you a taste.
Unsurprisingly, the SARB has maintained rates at 3.5%. USD/ZAR was unmoved by the announcement which shifts focus to dollar influences over the next two weeks.