(Last Updated July 23, 2021 23:15 GMT)
At the moment, USDZAR’s rate is down -70 pips (-0.05%) from the hour prior. The hourly chart shows that USDZAR has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)
USDZAR entered today at 14.683, up 872 pips (0.6%) from the previous day. For context, observe that the previous day was noteworthy in the sense that USDZAR bested all 39 of the assets in the Forex class. Below is a price chart of USDZAR.
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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDZAR’s price has gone up 9 them.
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. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 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.