ARS/CAD Currency Pair Forecast
Big movements in ARS/CAD currency pair price on Tuesday moving 56.37% between high and low
(Updated on Jul 02, 2024)
The ARS/CAD currency pair price gained 56.14% on the last trading day (Tuesday, 2nd Jul 2024), rising from $0.0010 to $0.0015. During the last trading day the currency pair fluctuated 56.37% from a day low at $0.0010 to a day high of $0.0015. The price has fallen in 6 of the last 10 days but is still up by 53.18% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 872 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $1.53 thousand.
The currency pairhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.0014, a level that may pose a second chance to hit a runner. According to fan-theory $0.0020 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ARSCAD Signals & Forecast
Mostly positive signals in the chart today. The ARS/CAD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $0.0010 and $0.0013. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 25, 2024, and so far it has risen 56.32%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). ARS/CAD 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.
A buy signal from a double bottom formation was found on Wednesday, June 12, 2024 and based on theory for this formation the price should go up by 2.13% to $0.0015 within 4 trading days since signal was issued (Tuesday, June 18, 2024).
Support, Risk & Stop-loss for ARS/CAD currency pair
There is no support from accumulated volume below today's level and given the right condition the currency pair may perform very badly in the next couple of days.
This currency pair may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this currency pair is considered to be "very high risk". During the last day, the currency pair moved $0.0005 between high and low, or 56.37%. For the last week, the currency pair has had daily average volatility of 11.58%.
Our recommended stop-loss: $0.0014 (-3.70%) (This currency pair has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (ARSCAD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect ARS/CAD to open at $0.0013, and during the day (based on 14 day Average True Range), to move between $0.0014 and $0.0016, which gives a possible trading interval of +/-$0.0001 (+/-7.61%) up or down from last closing price. If ARS/CAD takes out the full calculated possible swing range there will be an estimated 15.21% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0015, some $0.0000385 (2.58%) from the current price of $0.0015, our system finds the risk reward not very attractive.
Is ARS/CAD currency pair A Buy?
Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Buy candidate.
Current score: 3.272 Buy Candidate Upgraded
Predicted Opening Price for ARS/CAD of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $0.0013 ( 11.90%) | $0.0015 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ARSCAD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0019 | 24.23% |
| R2 | 0.0017 | 10.43% |
| R1 | 0.0015 | 1.91% |
| Price | 0.0015 | |
| S1 | 0.0011 | -25.70% |
| S2 | 0.0010 | -34.22% |
| S3 | 0.0008 | -48.03% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0016 | 5.95% |
| R2 | 0.0016 | 5.10% |
| R1 | 0.0015 | 2.58% |
| Price | 0.0015 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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