RSD/BRL Currency Pair Forecast
Stronger technical forecast for RSD/BRL currency pair price after Tuesday trading.
(Updated on Jun 25, 2024)
The RSD/BRL currency pair price gained 1.01% on the last trading day (Tuesday, 25th Jun 2024), rising from R$0.0494 to R$0.0499. During the last trading day the currency pair fluctuated 1.33% from a day low at R$0.0493 to a day high of R$0.0500. The price has been going up and down for this period, and there has been a 1.55% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 more shares were traded than the day before. In total, 64 shares were bought and sold for approximately R$3.20 .
The currency pair lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at R$0.0501 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 7.20% during the next 3 months and, with a 90% probability hold a price between R$0.0519 and R$0.0537 at the end of this 3-month period.
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RSDBRL Signals & Forecast
The RSD/BRL 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 R$0.0496 and R$0.0485. A breakdown below any of these levels will issue sell signals. RSD/BRL 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. The very low volume increases the risk and reduces the other technical signals issued. 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 Thursday, June 20, 2024, and so far it has fallen -0.0231%. 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 Sunday, November 19, 2023 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 Sunday, November 19, 2023 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 RSD/BRL currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at R$0.0473 and R$0.0469. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, RSD/BRL finds support just below today's level at R$0.0473. If this is broken, then the next support from accumulated volume will be at R$0.0469 and R$0.0467.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved R$0.0007 between high and low, or 1.33%. For the last week the currency pair has had daily average volatility of 1.34%.
Our recommended stop-loss: R$0.0480 (-3.81%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 39 days ago.)
Trading Expectations (RSDBRL) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect RSD/BRL to open at R$0.0498, and during the day (based on 14 day Average True Range), to move between R$0.0493 and R$0.0506, which gives a possible trading interval of +/-R$0.0006 (+/-1.23%) up or down from last closing price. If RSD/BRL takes out the full calculated possible swing range there will be an estimated 2.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at R$0.0500 (0.02%) than the support at R$0.0473 (5.23%), 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 RSD/BRL 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 RSD/BRL currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.710 Buy Candidate Upgraded
Predicted Opening Price for RSD/BRL of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
R$0.0498 ( 0.367%) | R$0.0499 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RSDBRL
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.0504 | 0.95% |
R2 | 0.0502 | 0.445% |
R1 | 0.0500 | 0.135% |
Price | 0.0499 | |
S1 | 0.0495 | -0.87% |
S2 | 0.0494 | -1.18% |
S3 | 0.0491 | -1.68% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0 | - |
R1 | 0.0500 | 0.0231% |
Price | 0.0499 | |
S1 | 0.0473 | -5.23% |
S2 | 0.0469 | -6.17% |
S3 | 0.0467 | -6.51% |
FAQ
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