ARS/HKD Currency Pair Forecast
ARS/HKD currency pair upgraded from Strong Sell Candidate to Sell Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)
The ARS/HKD currency pair price fell by -1.35% on the last day (Tuesday, 25th Jun 2024) from HK$0.0055 to HK$0.0055. During the last trading day the currency pair fluctuated 0.0531% from a day low at HK$0.0055 to a day high of HK$0.0055. The price has been going up and down for this period, and there has been a -1.44% loss for the last 2 weeks. Volume has increased on the last day by 72 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 104 thousand shares were bought and sold for approximately HK$566.68 .
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 HK$0.0048 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the currency pair is expected to fall -27.30% during the next 3 months and, with a 90% probability hold a price between HK$0.0035 and HK$0.0061 at the end of this 3-month period.
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ARSHKD Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 20, 2024, and so far it has risen 0.0586%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ARS/HKD 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 HK$0.0059 and HK$0.0076. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). ARS/HKD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Sunday, June 16, 2024 and based on theory for this formation the price should fall by -38.60% to HK$0.0034 within 7 trading days since signal was issued (Wednesday, June 26, 2024).
Support, Risk & Stop-loss for ARS/HKD currency pair
ARS/HKD finds support from accumulated volume at HK$0.0055 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 HK$0.0000029 between high and low, or 0.0531%. For the last week, the currency pair has had daily average volatility of 0.628%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ARSHKD) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect ARS/HKD to open at HK$0.0055, and during the day (based on 14 day Average True Range), to move between HK$0.0049 and HK$0.0061, which gives a possible trading interval of +/-HK$0.0006 (+/-10.78%) up or down from last closing price. If ARS/HKD takes out the full calculated possible swing range there will be an estimated 21.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$0.0055 (0.04%) than the resistance at HK$0.0055 (1.43%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ARS/HKD currency pair A Buy?
ARS/HKD 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. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.358 Sell Candidate Upgraded
Predicted Opening Price for ARS/HKD of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| HK$0.0055 ( 0.0140%) | HK$0.0055 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ARSHKD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0055 | 0.0390% |
| R2 | 0.0055 | 0.0188% |
| R1 | 0.0055 | 0.0062% |
| Price | 0.0055 | |
| S1 | 0.0055 | -0.0343% |
| S2 | 0.0055 | -0.0468% |
| S3 | 0.0055 | -0.0671% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0055 | 1.46% |
| R2 | 0.0055 | 1.44% |
| R1 | 0.0055 | 1.43% |
| Price | 0.0055 | |
| S1 | 0.0055 | -0.0402% |
| S2 | 0.0055 | -0.0549% |
| S3 | 0.0055 | -0.0585% |
FAQ
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