AED/BHD Currency Pair Forecast
AED/BHD currency pair downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 17, 2024)
The AED/BHD currency pair price gained 0.0013% on the last trading day (Friday, 17th May 2024), rising from $0.103 to $0.103. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 0.162% from a day low at $0.102 to a day high of $0.103. The price has been going up and down for this period, and there has been a -0.02% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 more shares were traded than the day before. In total, 55 shares were bought and sold for approximately $5.64 .
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $0.103 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect AED/BHD currency pair with a 90% probability to be traded between $0.100 and $0.102 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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AEDBHD Signals & Forecast
The AED/BHD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.103 and $0.102. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). AED/BHD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -0.0196%. Further fall is indicated until a new bottom pivot has been found. The currency pair had a Golden Star Signal on Monday, July 31, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Monday, July 31, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A buy signal from a double bottom formation was found on Sunday, April 28, 2024 and based on theory for this formation the price should go up by 0.80% to $0.103 within 21 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for AED/BHD currency pair
AED/BHD finds support from accumulated volume at $0.103 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0002 between high and low, or 0.162%. For the last week the currency pair has had daily average volatility of 0.622%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (AEDBHD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect AED/BHD to open at $0.103, and during the day (based on 14 day Average True Range), to move between $0.102 and $0.103, which gives a possible trading interval of +/-$0.0007 (+/-0.70%) up or down from last closing price. If AED/BHD takes out the full calculated possible swing range there will be an estimated 1.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.103 (0.01%) than the support at $0.103 (0.02%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is AED/BHD currency pair A Buy?
AED/BHD holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.500 Sell Candidate Downgraded
Predicted Opening Price for AED/BHD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.103 ( 0.0033%) | $0.103 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AEDBHD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.103 | 0.158 % | |
| R2 | 0.103 | 0.0966 % | ||
| R1 | 0.103 | 0.0584 % | ||
| Current price: | 0.103 | |||
| Support | S1 | 0.102 | -0.0650 % | |
| S2 | 0.102 | -0.103 % | ||
| S3 | 0.102 | -0.165 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.103 | 0.0196 % | |
| R2 | 0.103 | 0.0184 % | ||
| R1 | 0.103 | 0.0127 % | ||
| Current price | 0.103 | |||
| Support | S1 | 0.103 | -0.0174% | |
| S2 | 0.103 | -0.0212% | ||
| S3 | 0.103 | -0.0427% |
FAQ
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