BRL/PEN Currency Pair Forecast
BRL/PEN currency pair price down 0.652% on Wednesday
(Updated on May 08, 2024)
The BRL/PEN currency pair price fell by -0.652% on the last day (Wednesday, 8th May 2024) from $0.736 to $0.731. During the last trading day the currency pair fluctuated 0.82% from a day low at $0.729 to a day high of $0.735. The price has fallen in 5 of the last 10 days but is still up by 0.88% over the past 2 weeks. Volume has increased on the last day by 125 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, 1 thousand shares were bought and sold for approximately $1.06 thousand.
The currency pair lies the upper part of a falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.735 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the currency pair is expected to fall -7.41% during the next 3 months and, with a 90% probability hold a price between $0.643 and $0.681 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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BRLPEN Signals & Forecast
The BRL/PEN currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.730 and $0.729. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 2.99%. 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. BRL/PEN 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.
Support, Risk & Stop-loss for BRL/PEN currency pair
BRL/PEN finds support from accumulated volume at $0.721 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 $0.0060 between high and low, or 0.82%. For the last week the currency pair has had daily average volatility of 1.18%.
Our recommended stop-loss: $0.697 (-4.62%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 17 days ago.)
Trading Expectations (BRLPEN) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect BRL/PEN to open at $0.732, and during the day (based on 14 day Average True Range), to move between $0.720 and $0.742, which gives a possible trading interval of +/-$0.0107 (+/-1.47%) up or down from last closing price. If BRL/PEN takes out the full calculated possible swing range there will be an estimated 2.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.721 (1.35%) than the resistance at $0.741 (1.39%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is BRL/PEN currency pair A Buy?
Several short-term signals are positive, despite the currency pair being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for currency pair to perform well in the short-term.
Current score: 2.649 Buy Candidate Unchanged
Predicted Opening Price for BRL/PEN of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.732 ( 0.0729%) | $0.731 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRLPEN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.738 | 0.89 % | |
| R2 | 0.735 | 0.580 % | ||
| R1 | 0.734 | 0.386 % | ||
| Current price: | 0.731 | |||
| Support | S1 | 0.729 | -0.241 % | |
| S2 | 0.728 | -0.434 % | ||
| S3 | 0.726 | -0.748 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.769 | 5.20 % | |
| R2 | 0.762 | 4.20 % | ||
| R1 | 0.741 | 1.39 % | ||
| Current price | 0.731 | |||
| Support | S1 | 0.721 | -1.35% | |
| S2 | 0.716 | -2.11% | ||
| S3 | 0.710 | -2.90% |
FAQ
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