PLN/SGD Currency Pair Forecast
Green day on Friday for PLN/SGD currency pair after gaining 0.218%
(Updated on May 17, 2024)
The PLN/SGD currency pair price gained 0.218% on the last trading day (Friday, 17th May 2024), rising from S$0.343 to S$0.344. During the last trading day the currency pair fluctuated 0.585% from a day low at S$0.342 to a day high of S$0.344. The price has risen in 7 of the last 10 days and is up by 1.92% over the past 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 29 thousand shares were bought and sold for approximately S$9.96 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 pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at S$0.344 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect PLN/SGD currency pair with a 90% probability to be traded between S$0.334 and S$0.346 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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PLNSGD Signals & Forecast
The PLN/SGD 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 S$0.342 and S$0.339. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 3.69%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 Monday, May 06, 2024 in the short-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
The currency pair had a Golden Star Signal on Monday, May 06, 2024 in the short-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/SGD currency pair
PLN/SGD finds support from accumulated volume at S$0.340 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 S$0.0020 between high and low, or 0.585%. For the last week the currency pair has had daily average volatility of 0.706%
Our recommended stop-loss: S$0.328 (-4.75%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (PLNSGD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect PLN/SGD to open at S$0.343, and during the day (based on 14 day Average True Range), to move between S$0.341 and S$0.347, which gives a possible trading interval of +/-S$0.0028 (+/-0.80%) up or down from last closing price. If PLN/SGD takes out the full calculated possible swing range there will be an estimated 1.60% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ S$0.340, some S$0.0045 (1.32%) from the current price of S$0.344, our system finds the risk reward attractive.
Is PLN/SGD currency pair A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for PLN/SGD currency pair to perform well in the short-term period.
Current score: 4.131 Buy Candidate Unchanged
Predicted Opening Price for PLN/SGD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| S$0.343 ( 0.192%) | S$0.344 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLNSGD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.345 | 0.389 % | |
| R2 | 0.345 | 0.167 % | ||
| R1 | 0.344 | 0.0302 % | ||
| Current price: | 0.344 | |||
| Support | S1 | 0.343 | -0.414 % | |
| S2 | 0.342 | -0.551 % | ||
| S3 | 0.341 | -0.773 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.344 | |||
| Support | S1 | 0.340 | -1.32% | |
| S2 | 0.337 | -1.94% | ||
| S3 | 0.337 | -1.95% |
FAQ
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