NGN/ZAR Currency Pair Forecast
High volatility in NGN/ZAR currency pair price on Thursday which ended trading at R 0.0140
(Updated on May 30, 2024)
The NGN/ZAR currency pair price gained 6.60% on the last trading day (Thursday, 30th May 2024), rising from R 0.0132 to R 0.0140. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 15.15% from a day low at R 0.0128 to a day high of R 0.0148. The price has risen in 7 of the last 10 days and is up by 15.15% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 14 thousand more shares were traded than the day before. In total, 123 thousand shares were bought and sold for approximately R 1.72 thousand.
The currency pair lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 2.17% during the next 3 months and, with a 90% probability hold a price between R 0.0122 and R 0.0186 at the end of this 3-month period.
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NGNZAR Signals & Forecast
Mostly positive signals in the chart today. The NGN/ZAR currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at R 0.0129 and R 0.0137. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 20, 2024, and so far it has risen 18.32%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). NGN/ZAR has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for NGN/ZAR currency pair
NGN/ZAR finds support from accumulated volume at R 0.0137 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved R 0.0019 between high and low, or 15.15%. For the last week, the currency pair has had daily average volatility of 5.82%.
Our recommended stop-loss: R 0.0135 (-3.72%) (This currency pair has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 31 days ago.)
Trading Expectations (NGNZAR) For The Upcoming Trading Day Of Friday 31st
For the upcoming trading day on Friday, 31st we expect NGN/ZAR to open at R 0.0139, and during the day (based on 14 day Average True Range), to move between R 0.0134 and R 0.0146, which gives a possible trading interval of +/-R 0.0006 (+/-4.44%) up or down from last closing price. If NGN/ZAR takes out the full calculated possible swing range there will be an estimated 8.87% 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 0.0137 (2.22%) than the resistance at R 0.0156 (11.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is NGN/ZAR currency pair A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for NGN/ZAR currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.395 Buy Candidate Upgraded
Predicted Opening Price for NGN/ZAR of Friday, May 31, 2024
| Fair opening price May 31, 2024 | Current price |
|---|---|
| R 0.0139 ( 1.10%) | R 0.0140 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGNZAR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0158 | 12.75 % | |
| R2 | 0.0151 | 7.46 % | ||
| R1 | 0.0146 | 4.20 % | ||
| Current price: | 0.0140 | |||
| Support | S1 | 0.0131 | -6.39 % | |
| S2 | 0.0127 | -9.65 % | ||
| S3 | 0.0119 | -14.95 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0166 | 18.22 % | |
| R2 | 0.0165 | 17.37 % | ||
| R1 | 0.0156 | 11.19 % | ||
| Current price | 0.0140 | |||
| Support | S1 | 0.0137 | -2.22% | |
| S2 | 0.0135 | -3.79% | ||
| S3 | 0.0134 | -4.72% |
FAQ
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