MZN/USD Currency Pair Forecast
MZN/USD currency pair price ended at $0.0155 on Friday, after losing 1.98%.
(Updated on Jun 28, 2024)
The MZN/USD currency pair price fell by -1.98% on the last day (Friday, 28th Jun 2024) from $0.0158 to $0.0155. During the last trading day the currency pair fluctuated 0.0775% from a day low at $0.0155 to a day high of $0.0155. The price has fallen in 5 of the last 10 days and is down by -1.98% for this period. Volume has increased on the last day by 2 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, 2 shares were bought and sold for approximately $0.0310 .
The currency pair has broken the narrow and horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately $0.0155 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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MZNUSD 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 MZN/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 $0.0157 and $0.0157. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, June 26, 2024, and so far it has fallen -2.00%. Further fall is indicated until a new bottom pivot has been found. MZN/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.
A sell signal from a double top formation was found on Wednesday, June 26, 2024 and based on theory for this formation the price should fall by -1.89% to $0.0152 within 2 trading days since signal was issued (Friday, June 28, 2024).
Support, Risk & Stop-loss for MZN/USD currency pair
MZN/USD finds support from accumulated volume at $0.0155 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 $0.00001201 between high and low, or 0.0775%. For the last week the currency pair has had daily average volatility of 0.0231%.
Our recommended stop-loss: $0.0149 (-3.82%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (MZNUSD) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect MZN/USD to open at $0.0155, and during the day (based on 14 day Average True Range), to move between $0.0154 and $0.0156, which gives a possible trading interval of +/-$0.0001 (+/-0.91%) up or down from last closing price. If MZN/USD takes out the full calculated possible swing range there will be an estimated 1.83% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.0155 (0.02%) than the support at $0.0155 (0.08%), 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 MZN/USD currency pair A Buy?
MZN/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.
Current score: 0.000 Hold/Accumulate Unchanged
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 MZN/USD of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0155 ( 0.0258%) | $0.0155 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MZNUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0155 | 0.103% |
| R2 | 0.0155 | 0.0737% |
| R1 | 0.0155 | 0.0555% |
| Price | 0.0155 | |
| S1 | 0.0155 | -0.0038% |
| S2 | 0.0155 | -0.0221% |
| S3 | 0.0155 | -0.0517% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0155 | 0.0775% |
| R2 | 0.0155 | 0.0620% |
| R1 | 0.0155 | 0.0155% |
| Price | 0.0155 | |
| S1 | 0.0155 | -0.0774% |
| S2 | 0.0155 | -0.232% |
| S3 | 0.0154 | -0.309% |
FAQ
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