(Last Updated July 9, 2021 23:15 GMT)
At the moment, USDZAR’s rate is up 66 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 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 14.3317, up 271 pips 0.19% from the previous day. Compared to its peers in the Forex, USDZAR gave its buyers a return that ranked 15th in terms of percentage change since the previous day. The price chart of USDZAR below illustrates.
USDZAR Technical Analysis
The first thing we should note is that USDZAR is now close to its 20, 50 and 100 day averages, located at 14.1743, 14.0291 and 14.3667 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 100 day average, which is 350.3 pips away. 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Not much commentary on USDZAR that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com that we thought you might enjoy.