(Last Updated July 23, 2021 19:15 GMT)
Currently, USDZAR’s rate is up 199 pips (0.13%) from the hour prior. USDZAR has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 an uptrend on the 20 and 5 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 choppiness in the recent daily price action of USDZAR continues; to start today, it came in at a price of 14.683, up 872 pips (0.6%) since the day prior. On a relative basis, the day prior was pretty good: USDZAR bested all 39 of the assets in the Forex class 🙂 The price chart of USDZAR below illustrates.
USDZAR Technical Analysis
The first thing we should note is that the current price of USDZAR is sitting close to its 20, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 30 days USDZAR’s price has gone up 18 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.