HUF/CAD Currency Pair Forecast

HUF/CAD currency pair upgraded to Buy Candidate.
(Updated on May 17, 2024)

HUFCAD Signals & Forecast

The HUF/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 $0.0038 and $0.0038. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, May 15, 2024, and so far it has fallen -0.385%. Further fall is indicated until a new bottom pivot has been found. 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. The currency pair had a Golden Star Signal on Tuesday, April 23, 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 HUF/CAD currency pair

HUF/CAD finds support from accumulated volume at $0.0037 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 $0.00001866 between high and low, or 0.490%. For the last week the currency pair has had daily average volatility of 0.648%

The HUF/CAD currency pair is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the currency pair is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some currency pairs may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the currency pair manages to break the trend before that occurs.

Our recommended stop-loss: $0.0037 (-3.52%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 81 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)

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

For the upcoming trading day on Monday, 20th we expect HUF/CAD to open at $0.0038, and during the day (based on 14 day Average True Range), to move between $0.0038 and $0.0039, which gives a possible trading interval of +/-$0.00004333 (+/-1.13%) up or down from last closing price. If HUF/CAD 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 $0.0038 (0.06%) than the support at $0.0037 (2.16%), 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 HUF/CAD currency pair A Buy?

Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for HUF/CAD currency pair to perform well in the short-term period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.474 Buy Candidate Upgraded

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

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