MVR/USD Currency Pair Forecast

Weaker technical forecast for MVR/USD as currency pair downgraded to Hold/Accumulate.
(Updated on May 17, 2024)

MVRUSD 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 MVR/USD 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 $0.0644 and $0.0643. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -2.62%. Further fall is indicated until a new bottom pivot has been found. MVR/USD 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 MVR/USD currency pair

MVR/USD finds support from accumulated volume at $0.0638 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 $0.00004080 between high and low, or 0.0639%. For the last week the currency pair has had daily average volatility of 0.0642%.

Our recommended stop-loss: $0.0616 (-3.47%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 11 days ago.)

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

For the upcoming trading day on Monday, 20th we expect MVR/USD to open at $0.0639, and during the day (based on 14 day Average True Range), to move between $0.0631 and $0.0646, which gives a possible trading interval of +/-$0.0007 (+/-1.14%) up or down from last closing price. If MVR/USD 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 $0.0639 (0.06%) than the support at $0.0638 (0.13%), 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 MVR/USD currency pair A Buy?

MVR/USD 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. 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 Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for MVR/USD of Monday, May 20, 2024

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