(Last Updated July 14, 2021 0:15 GMT)
At the time of this writing, USDZAR’s rate is up 135 pips (0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 14.4058, up 2312 pips (1.63%) from the day prior. On a relative basis, the day prior was pretty good: USDZAR bested all 39 of the assets in the Forex class 🙂 Let’s take a look at price chart of USDZAR.
USDZAR Technical Analysis
First things first: USDZAR crossed above its 20 and 100 day moving averages yesterday. 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 100 day average, which is 463.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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 up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDZAR’s price has gone up 6 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 30 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.