CZK/NOK Currency Pair Forecast

Green day on Wednesday for CZK/NOK
(Updated on May 08, 2024)

CZKNOK Signals & Forecast

The CZK/NOK currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately kr0.468. On a fall, the currency pair will find some support from the long-term average at approximately kr0.463. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). CZK/NOK has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -0.81%. Further fall is indicated until a new bottom pivot has been found. The currency pair had a Golden Star Signal on Monday, March 11, 2024 in the short-term chart.

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/NOK currency pair

CZK/NOK finds support from accumulated volume at kr0.464 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 kr0.0028 between high and low, or 0.602%. For the last week the currency pair has had daily average volatility of 0.798%.

Our recommended stop-loss: kr0.448 (-4.20%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (CZKNOK) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect CZK/NOK to open at kr0.468, and during the day (based on 14 day Average True Range), to move between kr0.464 and kr0.471, which gives a possible trading interval of +/-kr0.0034 (+/-0.72%) up or down from last closing price. If CZK/NOK takes out the full calculated possible swing range there will be an estimated 1.44% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr0.468 (0.02%) than the support at kr0.464 (0.76%), 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 CZK/NOK currency pair A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for CZK/NOK currency pair to perform well in the short-term.

Current score: 2.361 Buy Candidate Unchanged

Predicted Opening Price for CZK/NOK of Thursday, May 9, 2024

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