USDZAR Down 2 Pips Over Past Hour, Tops All Forex; But Still in a Downtrend Over Past 14 Days – CFD Trading

Hourly Update

(Last Updated April 13, 2021 2:16 GMT)

At the moment, USDZAR’s rate is up 155 pips (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists 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 downtrend 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)

USDZAR entered today at 14.5651, down 286 pips (0.2%) from the day prior. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 30th in terms of percentage change since the day prior. Below is a price chart of USDZAR.

USDZAR

USDZAR Technical Analysis

Notably, the current price of USDZAR is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Rand technical forecasts may suggest slowing bearish momentum across USD,EUR and GBP crosses.

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