CNY/XAG Currency Pair Forecast
Stronger technical forecast for CNY/XAG currency pair price after Friday trading.
(Updated on Jun 28, 2024)
The CNY/XAG currency pair price fell by -0.453% on the last day (Friday, 28th Jun 2024) from $0.0047 to $0.0047. During the last trading day the currency pair fluctuated 2.82% from a day low at $0.0046 to a day high of $0.0048. The price has risen in 5 of the last 10 days and is up by 1.14% over the past 2 weeks. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -46 shares and in total, 1 thousand shares were bought and sold for approximately $5.64 .
The currency pair lies in the middle of a wide 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 -10.69% during the next 3 months and, with a 90% probability hold a price between $0.0036 and $0.0044 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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CNYXAG Signals & Forecast
The CNY/XAG 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 $0.0047 and $0.0046. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 20, 2024, and so far it has risen 8.67%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for CNY/XAG currency pair
CNY/XAG finds support from accumulated volume at $0.0047 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 $0.0001 between high and low, or 2.82%. For the last week the currency pair has had daily average volatility of 2.11%
Our recommended stop-loss: $0.0045 (-3.90%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 48 days ago.)
Trading Expectations (CNYXAG) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect CNY/XAG to open at $0.0047, and during the day (based on 14 day Average True Range), to move between $0.0046 and $0.0049, which gives a possible trading interval of +/-$0.0001 (+/-2.95%) up or down from last closing price. If CNY/XAG takes out the full calculated possible swing range there will be an estimated 5.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0048 (0.91%) than the support at $0.0047 (1.25%), 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 CNY/XAG 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. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.938 Buy Candidate Upgraded
Predicted Opening Price for CNY/XAG of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0047 ( 0.0909%) | $0.0047 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNYXAG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0048 | 2.69% |
| R2 | 0.0048 | 1.63% |
| R1 | 0.0048 | 0.97% |
| Price | 0.0047 | |
| S1 | 0.0047 | -1.15% |
| S2 | 0.0046 | -1.81% |
| S3 | 0.0046 | -2.87% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0051 | 7.03% |
| R2 | 0.0048 | 1.29% |
| R1 | 0.0048 | 0.91% |
| Price | 0.0047 | |
| S1 | 0.0047 | -1.25% |
| S2 | 0.0045 | -4.38% |
| S3 | 0.0045 | -5.08% |
FAQ
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