USDZAR closes within prior day's range after lackluster session
US Dollar/South African Rand (USDZAR) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
USDZAR ended the week -0.92% lower at 14.8202 after losing 515 pips (-0.35%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (USDZAR as at Jun 14, 2019):
Friday's trading range has been 1296 pips (0.87%), that's below the last trading month's daily average range of 2028 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for USDZAR.
Prices are trading close to the key technical resistance level at 14.8934 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 14.9349 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 14.6333 where further sell stops might get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for USD/ZAR. Out of 795 times, USDZAR closed lower 50.82% of the time on the next trading day after the market condition occurred.
With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are NZDUSD losing -1.14% and GBPUSD closing -0.66% lower. On the flipside the best performers have been USDCAD closing 0.65% higher and USDCHF gaining 0.48%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDHUF surging 0.73% and USDPLN closing 0.63% higher. The worst performers of the day have been NZDHKD tanking -1.15% and GBPZAR closing -1.01% lower. Read more