KWD/AED Currency Pair Forecast
Weaker technical forecast for KWD/AED as currency pair downgraded to Sell Candidate.
(Updated on May 22, 2024)
The KWD/AED currency pair price fell by -0.0106% on the last day (Wednesday, 22nd May 2024) from $11.96 to $11.96. During the last trading day the currency pair fluctuated 0.131% from a day low at $11.95 to a day high of $11.97. The price has risen in 6 of the last 10 days and is up by 0.2% over the past 2 weeks. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -1 shares and in total, 57 shares were bought and sold for approximately $681.63 .
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $11.96 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect KWD/AED currency pair with a 90% probability to be traded between $11.55 and $11.92 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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KWDAED Signals & Forecast
The KWD/AED 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 $11.95 and $11.89. 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 Tuesday, May 21, 2024, and so far it has fallen -0.0106%. 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 Wednesday, April 24, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, November 02, 2023.
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
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 Thursday, November 02, 2023.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 Wednesday, April 24, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Thursday, November 02, 2023.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 KWD/AED currency pair
KWD/AED finds support from accumulated volume at $11.94 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 $0.0157 between high and low, or 0.131%. For the last week the currency pair has had daily average volatility of 0.149%
The KWD/AED currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but 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: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KWDAED) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect KWD/AED to open at $11.96, and during the day (based on 14 day Average True Range), to move between $11.88 and $12.04, which gives a possible trading interval of +/-$0.0796 (+/-0.67%) up or down from last closing price. If KWD/AED takes out the full calculated possible swing range there will be an estimated 1.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.96 (0.01%) than the support at $11.94 (0.15%), 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 KWD/AED currency pair A Buy?
KWD/AED holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Sell candidate.
Current score: -1.125 Sell Candidate Downgraded
Predicted Opening Price for KWD/AED of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| $11.96 ( 0.0032%) | $11.96 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KWDAED
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.97 | 0.128 % | |
| R2 | 11.97 | 0.0777 % | ||
| R1 | 11.96 | 0.0468 % | ||
| Current price: | 11.96 | |||
| Support | S1 | 11.95 | -0.0532 % | |
| S2 | 11.95 | -0.0841 % | ||
| S3 | 11.94 | -0.134 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 11.96 | 0.0106 % | ||
| Current price | 11.96 | |||
| Support | S1 | 11.94 | -0.153% | |
| S2 | 11.92 | -0.302% | ||
| S3 | 11.91 | -0.396% |
FAQ
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