ARS/ZAR Currency Pair Forecast
Green day on Wednesday for ARS/ZAR currency pair after gaining 0.528%
(Updated on May 08, 2024)
The ARS/ZAR currency pair price gained 0.528% on the last trading day (Wednesday, 8th May 2024), rising from R 0.0210 to R 0.0211. During the last trading day the currency pair fluctuated 0.97% from a day low at R 0.0210 to a day high of R 0.0212. The price has fallen in 7 of the last 10 days and is down by -3.05% for this period. Volume fell on the last day by -356 shares and in total, 3 thousand shares were bought and sold for approximately R 57.12 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pair lies in the middle of a narrow and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the currency pair is expected to fall -7.11% during the next 3 months and, with a 90% probability hold a price between R 0.0194 and R 0.0203 at the end of this 3-month period. 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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ARSZAR Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 06, 2024, and so far it has risen 0.655%. 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/ZAR 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 R 0.0211 and R 0.0217. 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). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ARS/ZAR currency pair
ARS/ZAR finds support from accumulated volume at R 0.0211 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved R 0.0002 between high and low, or 0.97%. For the last week the currency pair has had daily average volatility of 1.05%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ARSZAR) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect ARS/ZAR to open at R 0.0211, and during the day (based on 14 day Average True Range), to move between R 0.0209 and R 0.0214, which gives a possible trading interval of +/-R 0.0002 (+/-1.08%) up or down from last closing price. If ARS/ZAR takes out the full calculated possible swing range there will be an estimated 2.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at R 0.0211 (0.02%) than the resistance at R 0.0219 (3.67%), 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/ZAR currency pair A Buy?
ARS/ZAR holds several negative signals and is within a narrow 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: -2.610 Sell Candidate Unchanged
Predicted Opening Price for ARS/ZAR of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| R 0.0211 ( 0.0858%) | R 0.0211 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ARSZAR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0213 | 0.87 % | |
| R2 | 0.0212 | 0.508 % | ||
| R1 | 0.0212 | 0.281 % | ||
| Current price: | 0.0211 | |||
| Support | S1 | 0.0210 | -0.453 % | |
| S2 | 0.0210 | -0.679 % | ||
| S3 | 0.0209 | -1.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0228 | 7.83 % | |
| R2 | 0.0219 | 3.75 % | ||
| R1 | 0.0219 | 3.67 % | ||
| Current price | 0.0211 | |||
| Support | S1 | 0.0211 | -0.0196% | |
| S2 | 0.0211 | -0.262% | ||
| S3 | 0.0210 | -0.525% |
FAQ
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