MWK/ZAR Currency Pair Forecast

Green day on Tuesday for MWK/ZAR
(Updated on Jun 25, 2024)

MWKZAR Signals & Forecast

There are mixed signals in the currency pair today. The MWK/ZAR currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at R 0.0106. On a fall, the currency pair will find some support from the short-term average at R 0.0104. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 1.44%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for MWK/ZAR currency pair

MWK/ZAR finds support from accumulated volume at R 0.0104 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 R 0.00001982 between high and low, or 0.190%. For the last week the currency pair has had daily average volatility of 0.560%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (MWKZAR) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect MWK/ZAR to open at R 0.0104, and during the day (based on 14 day Average True Range), to move between R 0.0104 and R 0.0105, which gives a possible trading interval of +/-R 0.00007504 (+/-0.72%) up or down from last closing price. If MWK/ZAR takes out the full calculated possible swing range there will be an estimated 1.44% 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 0.0104 (0.11%) than the resistance at R 0.0105 (0.66%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is MWK/ZAR currency pair A Buy?

MWK/ZAR 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.

Current score: -1.299 Sell Candidate Unchanged

Predicted Opening Price for MWK/ZAR of Wednesday, June 26, 2024

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