SEK/TWD Currency Pair Forecast
High volatility in SEK/TWD currency pair price on Friday which ended trading at $3.01
(Updated on May 17, 2024)
The SEK/TWD currency pair price gained 0.279% on the last trading day (Friday, 17th May 2024), rising from $3.00 to $3.01. During the last trading day the currency pair fluctuated 11.01% from a day low at $2.99 to a day high of $3.32. The price has fallen in 6 of the last 10 days but is still up by 0.61% over the past 2 weeks. Volume fell on the last day by -5 thousand shares and in total, 91 thousand shares were bought and sold for approximately $274.40 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.
Given the current short-term trend, the currency pair is expected to fall -2.97% during the next 3 months and, with a 90% probability hold a price between $2.83 and $2.92 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SEKTWD Signals & Forecast
The SEK/TWD 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 $3.00 and $2.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 1.90%. 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 also not.
Support, Risk & Stop-loss for SEK/TWD currency pair
SEK/TWD finds support from accumulated volume at $2.99 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 $0.330 between high and low, or 11.01%. For the last week the currency pair has had daily average volatility of 3.47%
Our recommended stop-loss: $2.86 (-4.86%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 30 days ago.)
Trading Expectations (SEKTWD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect SEK/TWD to open at $3.11, and during the day (based on 14 day Average True Range), to move between $2.90 and $3.12, which gives a possible trading interval of +/-$0.107 (+/-3.57%) up or down from last closing price. If SEK/TWD takes out the full calculated possible swing range there will be an estimated 7.14% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $2.99 (0.70%) than the resistance at $3.04 (1.06%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is SEK/TWD currency pair A Buy?
SEK/TWD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.508 Hold/Accumulate Downgraded
Predicted Opening Price for SEK/TWD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $3.11 ( 3.31%) | $3.01 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SEKTWD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.44 | 14.27 % | |
| R2 | 3.31 | 10.08 % | ||
| R1 | 3.23 | 7.50 % | ||
| Current price: | 3.01 | |||
| Support | S1 | 2.98 | -0.87 % | |
| S2 | 2.90 | -3.46 % | ||
| S3 | 2.78 | -7.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.06 | 1.89 % | |
| R2 | 3.05 | 1.37 % | ||
| R1 | 3.04 | 1.06 % | ||
| Current price | 3.01 | |||
| Support | S1 | 2.99 | -0.699% | |
| S2 | 2.99 | -0.710% | ||
| S3 | 2.97 | -1.36% |
FAQ
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