ILS/ZAR Currency Pair Forecast
ILS/ZAR currency pair upgraded to Sell Candidate.
(Updated on May 29, 2024)
The ILS/ZAR currency pair price gained 0.227% on the last trading day (Wednesday, 29th May 2024), rising from R 4.96 to R 4.98. During the last trading day the currency pair fluctuated 0.95% from a day low at R 4.93 to a day high of R 4.98. The price has risen in 6 of the last 10 days and is up by 1.12% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 248 more shares were traded than the day before. In total, 109 thousand shares were bought and sold for approximately R 540.55 thousand.
The currency pairhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is R 4.95, a level that may pose a second chance to hit a runner. According to fan-theory R 5.30 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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ILSZAR Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). ILS/ZAR 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ILS/ZAR currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at R 5.00 and R 4.98. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 01, 2024, and so far it has fallen -3.33%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for ILS/ZAR currency pair
ILS/ZAR finds support from accumulated volume at R 4.96 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 R 0.0471 between high and low, or 0.95%. For the last week the currency pair has had daily average volatility of 0.91%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ILSZAR) For The Upcoming Trading Day Of Thursday 30th
For the upcoming trading day on Thursday, 30th we expect ILS/ZAR to open at R 4.96, and during the day (based on 14 day Average True Range), to move between R 4.91 and R 5.04, which gives a possible trading interval of +/-R 0.0681 (+/-1.37%) up or down from last closing price. If ILS/ZAR takes out the full calculated possible swing range there will be an estimated 2.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at R 4.96 (0.26%) than the resistance at R 5.00 (0.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ILS/ZAR currency pair A Buy?
ILS/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. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.501 Sell Candidate Upgraded
Predicted Opening Price for ILS/ZAR of Thursday, May 30, 2024
| Fair opening price May 30, 2024 | Current price |
|---|---|
| R 4.96 ( 0.251%) | R 4.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ILSZAR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.01 | 0.695 % | |
| R2 | 4.99 | 0.334 % | ||
| R1 | 4.98 | 0.111 % | ||
| Current price: | 4.98 | |||
| Support | S1 | 4.95 | -0.612 % | |
| S2 | 4.93 | -0.84 % | ||
| S3 | 4.92 | -1.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.06 | 1.78 % | |
| R2 | 5.05 | 1.49 % | ||
| R1 | 5.00 | 0.404 % | ||
| Current price | 4.98 | |||
| Support | S1 | 4.96 | -0.259% | |
| S2 | 4.96 | -0.408% | ||
| S3 | 4.95 | -0.496% |
FAQ
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