CZK/CAD Currency Pair Forecast

Stronger technical forecast for CZK/CAD currency pair price after Friday trading.
(Updated on May 17, 2024)

CZKCAD Signals & Forecast

The CZK/CAD 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 $0.0596 and $0.0585. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 3.99%. 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. 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 currency pair had a Golden Star Signal on Wednesday, April 24, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, January 08, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for CZK/CAD currency pair

CZK/CAD finds support from accumulated volume at $0.0583 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 $0.0003 between high and low, or 0.458%. For the last week the currency pair has had daily average volatility of 0.685%

The CZK/CAD currency pair is extremely overbought on RSI14 (90). Normally this may pose a good selling opportunity but since the currency pair has broken the trend up, the chance for a major correction due to high RSI is very small as the currency pair will find support at the trend broken.

Our recommended stop-loss: $0.0571 (-4.70%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 90 and this increases the risk substantially. There is a buy signal from a pivot bottom found 20 days ago.)

Trading Expectations (CZKCAD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect CZK/CAD to open at $0.0599, and during the day (based on 14 day Average True Range), to move between $0.0595 and $0.0603, which gives a possible trading interval of +/-$0.0004 (+/-0.66%) up or down from last closing price. If CZK/CAD takes out the full calculated possible swing range there will be an estimated 1.32% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $0.0583, some $0.0016 (2.74%) from the current price of $0.0599, our system finds the risk reward attractive.

Is CZK/CAD currency pair A Buy?

Several short-term signals, along with a general good trend, are positive and the currency pair has broken the rising trend up, which indicates an even stronger rate of rising. We can conclude that the current level may hold a buying opportunity as there is a fair chance for CZK/CAD currency pair to perform well in the short-term period. Due to a possible false trend-break listing currency pair as pure buy candidate is held back. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 3.504 Buy Candidate Upgraded

Predicted Opening Price for CZK/CAD of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.