INR/SEK Currency Pair Forecast
Green day on Friday for INR/SEK currency pair after gaining 0.226%
(Updated on May 17, 2024)
The INR/SEK currency pair price gained 0.226% on the last trading day (Friday, 17th May 2024), rising from kr0.128 to kr0.129. During the last trading day the currency pair fluctuated 0.81% from a day low at kr0.128 to a day high of kr0.129. The price has risen in 6 of the last 10 days and is up by 1.4% over the past 2 weeks. Volume fell on the last day by -3 thousand shares and in total, 87 thousand shares were bought and sold for approximately kr11.24 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pair lies in the lower part of a narrow and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at kr0.128 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the currency pair is expected to rise 5.76% during the next 3 months and, with a 90% probability hold a price between kr0.135 and kr0.141 at the end of this 3-month period.
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INRSEK Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 1.40%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The INR/SEK 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 kr0.129 and kr0.130. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Friday, March 15, 2024 in the long-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.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Friday, March 15, 2024 in the long-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 INR/SEK currency pair
INR/SEK finds support from accumulated volume at kr0.128 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 kr0.0010 between high and low, or 0.81%. For the last week the currency pair has had daily average volatility of 0.92%
Our recommended stop-loss: kr0.122 (-5.46%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (INRSEK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect INR/SEK to open at kr0.129, and during the day (based on 14 day Average True Range), to move between kr0.127 and kr0.130, which gives a possible trading interval of +/-kr0.0017 (+/-1.35%) up or down from last closing price. If INR/SEK takes out the full calculated possible swing range there will be an estimated 2.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr0.128 (0.64%) than the resistance at kr0.129 (0.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is INR/SEK currency pair A Buy?
INR/SEK holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.271 Hold/Accumulate Unchanged
Predicted Opening Price for INR/SEK of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
kr0.129 ( 0.0511%) | kr0.129 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INRSEK
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.130 | 0.86 % | |
R2 | 0.129 | 0.552 % | ||
R1 | 0.129 | 0.361 % | ||
Current price: | 0.129 | |||
Support | S1 | 0.128 | -0.259 % | |
S2 | 0.128 | -0.450 % | ||
S3 | 0.128 | -0.760 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.131 | 1.81 % | |
R2 | 0.130 | 0.91 % | ||
R1 | 0.129 | 0.653 % | ||
Current price | 0.129 | |||
Support | S1 | 0.128 | -0.645% | |
S2 | 0.124 | -3.89% | ||
S3 | 0.124 | -3.91% |
FAQ
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