MAD/AUD Currency Pair Forecast
MAD/AUD currency pair price ended at A$0.151 on Friday, after losing 0.174%.
(Updated on May 31, 2024)
The MAD/AUD currency pair price fell by -0.174% on the last day (Friday, 31st May 2024) from A$0.151 to A$0.151. During the last trading day the currency pair fluctuated 0.669% from a day low at A$0.151 to a day high of A$0.152. The price has been going up and down for this period, and there has been a 0.04% gain for the last 2 weeks. Volume has increased on the last day by 1 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 120 thousand shares were bought and sold for approximately A$18.19 thousand.
The currency pairis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at A$0.154 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect MAD/AUD currency pair with a 90% probability to be traded between A$0.0279 and A$0.155 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.
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MADAUD Signals & Forecast
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. The MAD/AUD 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 A$0.151 and A$0.151. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Sunday, April 21, 2024, and so far it has fallen -1.97%. Further fall is indicated until a new bottom pivot has been found. MAD/AUD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for MAD/AUD currency pair
MAD/AUD finds support from accumulated volume at A$0.151 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 A$0.0010 between high and low, or 0.669%. For the last week the currency pair has had daily average volatility of 0.773%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MADAUD) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect MAD/AUD to open at A$0.151, and during the day (based on 14 day Average True Range), to move between A$0.148 and A$0.154, which gives a possible trading interval of +/-A$0.0032 (+/-2.11%) up or down from last closing price. If MAD/AUD takes out the full calculated possible swing range there will be an estimated 4.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at A$0.151 (0.02%) than the support at A$0.151 (0.10%), 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 MAD/AUD currency pair A Buy?
MAD/AUD holds several negative signals and is within a very wide and 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.
Current score: -2.540 Sell Candidate Unchanged
Predicted Opening Price for MAD/AUD of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| A$0.151 ( 0.125%) | A$0.151 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MADAUD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.152 | 0.792 % | |
| R2 | 0.152 | 0.537 % | ||
| R1 | 0.152 | 0.380 % | ||
| Current price: | 0.151 | |||
| Support | S1 | 0.151 | -0.130 % | |
| S2 | 0.151 | -0.288 % | ||
| S3 | 0.150 | -0.543 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.154 | 1.81 % | |
| R2 | 0.154 | 1.65 % | ||
| R1 | 0.151 | 0.0214 % | ||
| Current price | 0.151 | |||
| Support | S1 | 0.151 | -0.102% | |
| S2 | 0.151 | -0.262% | ||
| S3 | 0.150 | -0.392% |
FAQ
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