ARS/CAD Currency Pair Forecast
Red day on Thursday for ARS/CAD currency pair after losing 0.208%
(Updated on Jun 20, 2024)
The ARS/CAD currency pair price fell by -0.208% on the last day (Thursday, 20th Jun 2024) from $0.0010 to $0.0010. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 0.324% from a day low at $0.0010 to a day high of $0.0010. The price has fallen in 7 of the last 10 days and is down by -1.27% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -66 thousand shares and in total, 991 thousand shares were bought and sold for approximately $949.40 .
The currency pair lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.0009 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the currency pair is expected to fall -23.10% during the next 3 months and, with a 90% probability hold a price between $0.0007 and $0.0012 at the end of this 3-month period.
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ARSCAD Signals & Forecast
There are few to no technical positive signals at the moment. The ARS/CAD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.0010 and $0.0014. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Sunday, June 16, 2024, and so far it has fallen -37.10%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
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 periodic low trading volume this currency pair is considered to be "very high risk". During the last day, the currency pair moved $0.0000031 between high and low, or 0.324%. For the last week the currency pair has had daily average volatility of 0.626%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ARSCAD) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect ARS/CAD to open at $0.0010, and during the day (based on 14 day Average True Range), to move between $0.0008 and $0.0011, which gives a possible trading interval of +/-$0.0001 (+/-13.68%) up or down from last closing price. If ARS/CAD takes out the full calculated possible swing range there will be an estimated 27.36% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.0010, some $0.000002 (0.21%) from the current price of $0.0010, our system finds the risk reward not very attractive.
Is ARS/CAD currency pair A Buy?
ARS/CAD holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.
Current score: -6.566 Strong Sell Candidate Unchanged
Predicted Opening Price for ARS/CAD of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $0.0010 ( 0.0661%) | $0.0010 |
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 | 0.0010 | 0.390% |
| R2 | 0.0010 | 0.266% |
| R1 | 0.0010 | 0.190% |
| Price | 0.0010 | |
| S1 | 0.0010 | -0.0575% |
| S2 | 0.0010 | -0.134% |
| S3 | 0.0010 | -0.257% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0010 | 1.85% |
| R2 | 0.0010 | 1.73% |
| R1 | 0.0010 | 0.209% |
| Price | 0.0010 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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