ARS/ZAR Currency Pair Forecast

Volatile ride for ARS/ZAR currency pair price on Tuesday moving between R 0.0128 and R 0.0204
(Updated on Jul 02, 2024)

ARSZAR Signals & Forecast

The ARS/ZAR 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 R 0.0138 and R 0.0169. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 61.72%. 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/ZAR 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.

Support, Risk & Stop-loss for ARS/ZAR currency pair

ARS/ZAR finds support from accumulated volume at R 0.0203 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 R 0.0076 between high and low, or 59.08%. For the last week, the currency pair has had daily average volatility of 13.07%.

Our recommended stop-loss: R 0.0196 (-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 18 days ago.)

Trading Expectations (ARSZAR) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect ARS/ZAR to open at R 0.0179, and during the day (based on 14 day Average True Range), to move between R 0.0187 and R 0.0220, which gives a possible trading interval of +/-R 0.0016 (+/-8.06%) up or down from last closing price. If ARS/ZAR takes out the full calculated possible swing range there will be an estimated 16.13% 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 0.0203 (0.02%) than the resistance at R 0.0218 (7.11%), 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 positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Upgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for ARS/ZAR of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.