USD/CZK Currency Pair Forecast

USD/CZK currency pair upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 21, 2024)

USDCZK Signals & Forecast

Mostly positive signals in the chart today. The USD/CZK 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 23.15 Kč and 22.90 Kč. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 3.15%. 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). USD/CZK 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. Higher liquidity also reduces the general risk. The currency pair had a Golden Star Signal on Friday, July 21, 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 USD/CZK currency pair

USD/CZK finds support from accumulated volume at 23.11 Kč 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved 0.157 Kč between high and low, or 0.674%. For the last week the currency pair has had daily average volatility of 0.608%.

The USD/CZK currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some currency pairs may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the currency pair manages to break the trend before that occurs.

Our recommended stop-loss: 22.55 Kč (-3.34%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 53 days ago.)

Trading Expectations (USDCZK) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect USD/CZK to open at 23.32 Kč, and during the day (based on 14 day Average True Range), to move between 23.19 Kč and 23.47 Kč, which gives a possible trading interval of +/-0.143 Kč (+/-0.61%) up or down from last closing price. If USD/CZK takes out the full calculated possible swing range there will be an estimated 1.22% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 23.11 Kč (0.92%) than the resistance at 23.59 Kč (1.13%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is USD/CZK currency pair A Buy?

Several short-term signals are positive, despite the currency pair being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 2.883 Buy Candidate Upgraded

Predicted Opening Price for USD/CZK of Monday, June 24, 2024

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