CAD/XAU Currency Pair Forecast
CAD/XAU currency pair price ended at $0.0003 on Friday, after gaining 0.198%.
(Updated on Jun 28, 2024)
The CAD/XAU currency pair price gained 0.198% on the last trading day (Friday, 28th Jun 2024), rising from $0.0003 to $0.0003. During the last trading day the currency pair fluctuated 0.774% from a day low at $0.0003 to a day high of $0.0003. The price has been going up and down for this period, and there has been a 0.64% gain for the last 2 weeks. Volume fell on the last day by -104 shares and in total, 1 thousand shares were bought and sold for approximately $0.376 . 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 is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect CAD/XAU currency pair with a 90% probability to be traded between $0.0003 and $0.0003 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CADXAU Signals & Forecast
There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Wednesday, June 26, 2024, and so far it has fallen -1.02%. Further fall is indicated until a new bottom pivot has been found. 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. The CAD/XAU 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 $0.0003 and $0.0003. A breakdown below any of these levels will issue sell signals.
A sell signal from a double top formation was found on Wednesday, June 26, 2024 and based on theory for this formation the price should fall by -5.46% to $0.0003 within 44 trading days since signal was issued (Wednesday, August 28, 2024).
Support, Risk & Stop-loss for CAD/XAU currency pair
CAD/XAU finds support from accumulated volume at $0.0003 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 $0.00000242 between high and low, or 0.774%. For the last week the currency pair has had daily average volatility of 0.92%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CADXAU) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect CAD/XAU to open at $0.0003, and during the day (based on 14 day Average True Range), to move between $0.0003 and $0.0003, which gives a possible trading interval of +/-$0.00000356 (+/-1.13%) up or down from last closing price. If CAD/XAU takes out the full calculated possible swing range there will be an estimated 2.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0003 (0.32%) than the support at $0.0003 (2.18%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is CAD/XAU currency pair A Buy?
CAD/XAU holds several negative signals and we believe that 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: -1.351 Sell Candidate Unchanged
Predicted Opening Price for CAD/XAU of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0003 ( 0.170%) | $0.0003 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CADXAU
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0003 | 0.599% |
| R2 | 0.0003 | 0.305% |
| R1 | 0.0003 | 0.123% |
| Price | 0.0003 | |
| S1 | 0.0003 | -0.464% |
| S2 | 0.0003 | -0.646% |
| S3 | 0.0003 | -0.94% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0003 | 0.547% |
| R2 | 0.0003 | 0.467% |
| R1 | 0.0003 | 0.315% |
| Price | 0.0003 | |
| S1 | 0.0003 | -2.18% |
| S2 | 0.0003 | -3.08% |
| S3 | 0.0003 | -3.73% |
FAQ
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