BGN/AUD Currency Pair Forecast
BGN/AUD currency pair price ended at A$0.83 on Friday, after losing 0.122%.
(Updated on May 31, 2024)
The BGN/AUD currency pair price fell by -0.122% on the last day (Friday, 31st May 2024) from A$0.83 to A$0.83. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 0.505% from a day low at A$0.83 to a day high of A$0.84. The price has fallen in 6 of the last 10 days but is still up by 0.14% over the past 2 weeks. Volume has increased on the last day by 2 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, 122 thousand shares were bought and sold for approximately A$101.46 thousand.
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 -2.08% during the next 3 months and, with a 90% probability hold a price between A$0.81 and A$0.82 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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BGNAUD Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 17, 2024, and so far it has risen 0.454%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The BGN/AUD 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 A$0.84 and A$0.84. A break-up above any of these levels will issue buy signals. BGN/AUD 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".
Support, Risk & Stop-loss for BGN/AUD currency pair
BGN/AUD finds support from accumulated volume at A$0.83 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved A$0.0042 between high and low, or 0.505%. For the last week the currency pair has had daily average volatility of 0.588%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BGNAUD) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect BGN/AUD to open at A$0.83, and during the day (based on 14 day Average True Range), to move between A$0.82 and A$0.85, which gives a possible trading interval of +/-A$0.0167 (+/-2.00%) up or down from last closing price. If BGN/AUD takes out the full calculated possible swing range there will be an estimated 3.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at A$0.83 (0.17%) than the resistance at A$0.84 (0.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BGN/AUD currency pair A Buy?
BGN/AUD 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: -2.254 Sell Candidate Unchanged
Predicted Opening Price for BGN/AUD of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| A$0.83 ( 0.0470%) | A$0.83 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BGNAUD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.84 | 0.552 % | |
| R2 | 0.84 | 0.359 % | ||
| R1 | 0.84 | 0.240 % | ||
| Current price: | 0.83 | |||
| Support | S1 | 0.83 | -0.146 % | |
| S2 | 0.83 | -0.265 % | ||
| S3 | 0.83 | -0.458 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.85 | 1.82 % | |
| R2 | 0.85 | 1.70 % | ||
| R1 | 0.84 | 0.532 % | ||
| Current price | 0.83 | |||
| Support | S1 | 0.83 | -0.171% | |
| S2 | 0.83 | -0.191% | ||
| S3 | 0.83 | -0.304% |
FAQ
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