PEN/BRL Currency Pair Forecast

PEN/BRL currency pair price up 1.00% on Friday
(Updated on Jun 21, 2024)

PENBRL Signals & Forecast

The PEN/BRL currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at R$1.42 and R$1.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 21, 2024, and so far it has risen 5.04%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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. The currency pair had a Golden Star Signal on Thursday, May 30, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, January 01, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for PEN/BRL currency pair

PEN/BRL finds support from accumulated volume at R$1.43 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 between high and low, or 0%. For the last week the currency pair has had daily average volatility of 0.105%

Our recommended stop-loss: R$1.39 (-3.30%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 50 days ago.)

Trading Expectations (PENBRL) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect PEN/BRL to open at R$1.43, and during the day (based on 14 day Average True Range), to move between R$1.42 and R$1.45, which gives a possible trading interval of +/-R$0.0139 (+/-0.97%) up or down from last closing price. If PEN/BRL takes out the full calculated possible swing range there will be an estimated 1.94% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ R$1.43, some R$0.0002 (0.02%) from the current price of R$1.43, our system finds the risk reward attractive.

Is PEN/BRL 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 PEN/BRL currency pair to perform well in the short-term.

Current score: 3.343 Buy Candidate Unchanged

Predicted Opening Price for PEN/BRL of Monday, June 24, 2024

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