PLN/HKD Currency Pair Forecast
Evaluation of PLN/HKD currency pair downgraded after the last trading session.
(Updated on Jun 13, 2024)
The PLN/HKD currency pair price fell by -1.01% on the last day (Thursday, 13th Jun 2024) from HK$1.95 to HK$1.93. During the last trading day the currency pair fluctuated 1.29% from a day low at HK$1.93 to a day high of HK$1.95. The price has fallen in 5 of the last 10 days and is down by -2.49% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -3 thousand shares and in total, 24 thousand shares were bought and sold for approximately HK$45.52 thousand.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect PLN/HKD currency pair with a 90% probability to be traded between HK$1.91 and HK$2.00 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PLNHKD Signals & Forecast
There are few to no technical positive signals at the moment. The PLN/HKD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$1.95 and HK$1.97. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 03, 2024, and so far it has fallen -3.41%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for PLN/HKD currency pair
PLN/HKD finds support from accumulated volume at HK$1.93 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 HK$0.0248 between high and low, or 1.29%. For the last week the currency pair has had daily average volatility of 1.39%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PLNHKD) For The Upcoming Trading Day Of Friday 14th
For the upcoming trading day on Friday, 14th we expect PLN/HKD to open at HK$1.94, and during the day (based on 14 day Average True Range), to move between HK$1.91 and HK$1.95, which gives a possible trading interval of +/-HK$0.0207 (+/-1.07%) up or down from last closing price. If PLN/HKD takes out the full calculated possible swing range there will be an estimated 2.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$1.93 (0.15%) than the resistance at HK$1.93 (0.19%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PLN/HKD currency pair A Buy?
PLN/HKD holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair. 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 Hold/Accumulate to a Sell candidate.
Current score: -2.371 Sell Candidate Downgraded
Predicted Opening Price for PLN/HKD of Friday, June 14, 2024
| Fair opening price June 14, 2024 | Current price |
|---|---|
| HK$1.94 ( 0.386%) | HK$1.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLNHKD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.96 | 1.67% |
| R2 | 1.95 | 1.18% |
| R1 | 1.95 | 0.88% |
| Price | 1.93 | |
| S1 | 1.93 | -0.105% |
| S2 | 1.92 | -0.408% |
| S3 | 1.91 | -0.90% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.95 | 1.02% |
| R2 | 1.94 | 0.493% |
| R1 | 1.93 | 0.187% |
| Price | 1.93 | |
| S1 | 1.93 | -0.151% |
| S2 | 1.93 | -0.158% |
| S3 | 1.90 | -1.25% |
FAQ
Click here for our free guide on how to buy PLN/HKD Currency pair.
