PLN/NOK Currency Pair Forecast

PLN/NOK currency pair price ended at kr2.72 on Friday, after losing 0.183%.
(Updated on May 17, 2024)

PLNNOK Signals & Forecast

The PLN/NOK currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately kr2.72. On a fall, the currency pair will find some support from the long-term average at approximately kr2.72. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Monday, April 01, 2024, and so far it has fallen -0.599%. 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. The currency pair had a Golden Star Signal on Wednesday, February 21, 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/NOK currency pair

PLN/NOK finds support from accumulated volume at kr2.72 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 kr0.0074 between high and low, or 0.272%. For the last week the currency pair has had daily average volatility of 0.626%

Our recommended stop-loss: kr2.61 (-4.26%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 38 days ago.)

Trading Expectations (PLNNOK) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect PLN/NOK to open at kr2.72, and during the day (based on 14 day Average True Range), to move between kr2.70 and kr2.74, which gives a possible trading interval of +/-kr0.0191 (+/-0.70%) up or down from last closing price. If PLN/NOK takes out the full calculated possible swing range there will be an estimated 1.40% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at kr2.72 (0.03%) than the support at kr2.72 (0.03%), 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/NOK 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/NOK currency pair to perform well in the short-term.

Current score: 1.634 Buy Candidate Unchanged

Predicted Opening Price for PLN/NOK of Monday, May 20, 2024

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