PLN/NZD Currency Pair Forecast
Green day on Friday for PLN/NZD
(Updated on May 31, 2024)
The PLN/NZD currency pair price gained 0.285% on the last trading day (Friday, 31st May 2024), rising from $0.414 to $0.415. During the last trading day the currency pair fluctuated 1.31% from a day low at $0.412 to a day high of $0.417. The price has risen in 5 of the last 10 days but is still down by -0.8% for this period. Volume fell on the last day by -284 shares and in total, 39 thousand shares were bought and sold for approximately $16.13 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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/NZD currency pair with a 90% probability to be traded between $0.413 and $0.423 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.
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PLNNZD Signals & Forecast
The PLN/NZD 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 $0.415 and $0.417. A break-up above any of these levels will issue buy signals. 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. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Wednesday, May 29, 2024, and so far it has risen 0.511%. Further rise is indicated until a new top pivot has been found.
A buy signal from a double bottom formation was found on Wednesday, May 29, 2024 and based on theory for this formation the price should go up by 0.380% to $0.416 within 34 trading days since signal was issued (Monday, June 03, 2024).
Support, Risk & Stop-loss for PLN/NZD currency pair
PLN/NZD finds support from accumulated volume at $0.413 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 $0.0054 between high and low, or 1.31%. For the last week the currency pair has had daily average volatility of 0.98%
Our recommended stop-loss: $0.392 (-5.62%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 32 days ago.)
Trading Expectations (PLNNZD) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect PLN/NZD to open at $0.415, and during the day (based on 14 day Average True Range), to move between $0.411 and $0.418, which gives a possible trading interval of +/-$0.0036 (+/-0.86%) up or down from last closing price. If PLN/NZD takes out the full calculated possible swing range there will be an estimated 1.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.416 (0.21%) than the support at $0.413 (0.50%), 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/NZD currency pair A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
Current score: 1.355 Buy Candidate Unchanged
Predicted Opening Price for PLN/NZD of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.415 ( 0.0370%) | $0.415 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLNNZD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.420 | 1.26 % | |
| R2 | 0.418 | 0.768 % | ||
| R1 | 0.417 | 0.460 % | ||
| Current price: | 0.415 | |||
| Support | S1 | 0.413 | -0.534 % | |
| S2 | 0.411 | -0.84 % | ||
| S3 | 0.409 | -1.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.419 | 0.92 % | |
| R2 | 0.416 | 0.224 % | ||
| R1 | 0.416 | 0.215 % | ||
| Current price | 0.415 | |||
| Support | S1 | 0.413 | -0.501% | |
| S2 | 0.412 | -0.607% | ||
| S3 | 0.412 | -0.692% |
FAQ
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