SAR/CAD Currency Pair Forecast

SAR/CAD currency pair price ended at $0.364 on Friday, after gaining 0.176%.
(Updated on May 17, 2024)

SARCAD Signals & Forecast

The SAR/CAD 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 $0.364 and $0.365. 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 15, 2024, and so far it has risen 0.306%. Further rise is indicated until a new top pivot has been found. The currency pair had a Golden Star Signal on Wednesday, March 13, 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 SAR/CAD currency pair

SAR/CAD finds support from accumulated volume at $0.363 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 $0.0020 between high and low, or 0.562%. For the last week the currency pair has had daily average volatility of 0.587%

Our recommended stop-loss: $0.344 (-5.41%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

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

For the upcoming trading day on Monday, 20th we expect SAR/CAD to open at $0.364, and during the day (based on 14 day Average True Range), to move between $0.361 and $0.367, which gives a possible trading interval of +/-$0.0030 (+/-0.81%) up or down from last closing price. If SAR/CAD takes out the full calculated possible swing range there will be an estimated 1.62% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.364 (0.09%) than the support at $0.363 (0.23%), 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 SAR/CAD 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: 1.145 Buy Candidate Unchanged

Predicted Opening Price for SAR/CAD of Monday, May 20, 2024

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