CYP/ZAR Currency Pair Forecast
CYP/ZAR currency pair price ended at R 33.08 on Tuesday, after losing 1.12%.
(Updated on Jun 18, 2024)
The CYP/ZAR currency pair price fell by -1.57% on the last day (Tuesday, 18th Jun 2024) from R 33.61 to R 33.08. During the last trading day the currency pair fluctuated 1.30% from a day low at R 33.07 to a day high of R 33.50. The price has fallen in 7 of the last 10 days and is down by -4.83% for this period. Volume has increased on the last day by 45 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, 45 thousand shares were bought and sold for approximately R 1.49 million.
The currency pair has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point (R 33.18) are considered to be a "second chance" to get out. According to the fan-theory R 31.33 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CYPZAR Signals & Forecast
There are few to no technical positive signals at the moment. The CYP/ZAR 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 R 33.64 and R 34.05. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 06, 2024, and so far it has fallen -5.91%. 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). CYP/ZAR 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 CYP/ZAR currency pair
There is no support from accumulated volume below today's level and given the right condition the currency pair may perform very badly in the next couple of days.
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 R 0.431 between high and low, or 1.30%. For the last week the currency pair has had daily average volatility of 0.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CYPZAR) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect CYP/ZAR to open at R 33.22, and during the day (based on 14 day Average True Range), to move between R 32.71 and R 33.45, which gives a possible trading interval of +/-R 0.369 (+/-1.12%) up or down from last closing price. If CYP/ZAR takes out the full calculated possible swing range there will be an estimated 2.23% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ R 34.13, some R 1.05 (3.17%) from the current price of R 33.08, our system finds the risk reward not very attractive.
Is CYP/ZAR currency pair A Buy?
CYP/ZAR holds several negative signals and is within a 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: -4.013 Sell Candidate Unchanged
Predicted Opening Price for CYP/ZAR of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| R 33.22 ( 0.414%) | R 33.08 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CYPZAR
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 33.65 | 1.72% |
| R2 | 33.49 | 1.22% |
| R1 | 33.39 | 0.91% |
| Price | 33.08 | |
| S1 | 33.06 | -0.0837% |
| S2 | 32.95 | -0.391% |
| S3 | 32.79 | -0.89% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 34.79 | 5.16% |
| R2 | 34.26 | 3.54% |
| R1 | 34.13 | 3.17% |
| Price | 33.08 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
Click here for our free guide on how to buy CYP/ZAR Currency pair.
