PLN/MXN Currency Pair Forecast
Green day on Wednesday for PLN/MXN
(Updated on Jun 26, 2024)
The PLN/MXN currency pair price gained 0.556% on the last trading day (Wednesday, 26th Jun 2024), rising from $4.52 to $4.54. 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 1.38% from a day low at $4.49 to a day high of $4.55. The price has fallen in 6 of the last 10 days and is down by -2.84% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 32 thousand shares were bought and sold for approximately $147.40 thousand.
The currency pair lies in the middle of a strong 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 10.49% during the next 3 months and, with a 90% probability hold a price between $4.85 and $5.24 at the end of this 3-month period.
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PLNMXN Signals & Forecast
The PLN/MXN 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 $4.53 and $4.40. A breakdown below any of these levels will issue sell signals. PLN/MXN 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -2.84%. 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). The currency pair had a Golden Star Signal on Wednesday, May 22, 2024 in the long-term chart.
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.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Wednesday, May 22, 2024 in the long-term chart.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 PLN/MXN currency pair
PLN/MXN finds support from accumulated volume at $4.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the currency pair moved $0.0619 (1.38%) between high and low. For the last week, the currency pair has had daily average volatility of 1.31%.
Our recommended stop-loss: $4.32 (-4.82%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 34 days ago.)
Trading Expectations (PLNMXN) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect PLN/MXN to open at $4.53, and during the day (based on 14 day Average True Range), to move between $4.47 and $4.61, which gives a possible trading interval of +/-$0.0720 (+/-1.59%) up or down from last closing price. If PLN/MXN takes out the full calculated possible swing range there will be an estimated 3.17% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $4.55 (0.14%) than the support at $4.51 (0.63%), 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 PLN/MXN 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 PLN/MXN currency pair to perform well in the short-term.
Current score: 3.035 Buy Candidate Unchanged
Predicted Opening Price for PLN/MXN of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $4.53 ( 0.338%) | $4.54 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLNMXN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.59 | 1.02% |
| R2 | 4.56 | 0.504% |
| R1 | 4.55 | 0.182% |
| Price | 4.54 | |
| S1 | 4.50 | -0.86% |
| S2 | 4.49 | -1.18% |
| S3 | 4.46 | -1.70% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.67 | 2.92% |
| R2 | 4.59 | 1.10% |
| R1 | 4.55 | 0.137% |
| Price | 4.54 | |
| S1 | 4.51 | -0.630% |
| S2 | 4.51 | -0.636% |
| S3 | 4.22 | -7.10% |
FAQ
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