USD/HUF Currency Pair Forecast
USD/HUF currency pair upgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The USD/HUF currency pair price gained 0.0473% on the last trading day (Friday, 10th May 2024), rising from 359.65 Ft to 359.82 Ft. During the last trading day the currency pair fluctuated 0.547% from a day low at 358.45 Ft to a day high of 360.41 Ft. The price has fallen in 7 of the last 10 days and is down by -1.82% for this period. Volume fell on the last day by -1 thousand shares and in total, 38 thousand shares were bought and sold for approximately 13.58 Ft million. 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 pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at 359.72 Ft will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect USD/HUF currency pair with a 90% probability to be traded between 364.62 Ft and 377.72 Ft 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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USDHUF Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 0.0473%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The currency pair should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The USD/HUF 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 360.85 Ft and 364.60 Ft. 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). The currency pair had a Golden Star Signal on Sunday, July 23, 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, July 23, 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.
A buy signal from a double bottom formation was found on Thursday, May 09, 2024 and based on theory for this formation the price should go up by 3.05% to 370.80 Ft within 26 trading days since signal was issued (Monday, May 13, 2024).
Support, Risk & Stop-loss for USD/HUF currency pair
USD/HUF finds support from accumulated volume at 359.65 Ft 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 1.96 Ft between high and low, or 0.547%. For the last week the currency pair has had daily average volatility of 0.288%.
Our recommended stop-loss: 338.66 Ft (-5.88%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (USDHUF) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect USD/HUF to open at 359.56 Ft, and during the day (based on 14 day Average True Range), to move between 357.76 Ft and 361.88 Ft, which gives a possible trading interval of +/-2.06 Ft (+/-0.57%) up or down from last closing price. If USD/HUF takes out the full calculated possible swing range there will be an estimated 1.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 359.65 Ft (0.05%) than the resistance at 360.95 Ft (0.31%), 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/HUF currency pair A Buy?
USD/HUF holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.990 Hold/Accumulate Upgraded
Predicted Opening Price for USD/HUF of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| 359.56 Ft ( 0.0723%) | 359.82 Ft |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USDHUF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 361.52 | 0.472 % | |
| R2 | 360.77 | 0.264 % | ||
| R1 | 360.31 | 0.136 % | ||
| Current price: | 359.82 | |||
| Support | S1 | 358.81 | -0.280 % | |
| S2 | 358.35 | -0.409 % | ||
| S3 | 357.60 | -0.617 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 369.44 | 2.67 % | |
| R2 | 363.51 | 1.03 % | ||
| R1 | 360.95 | 0.314 % | ||
| Current price | 359.82 | |||
| Support | S1 | 359.65 | -0.0472% | |
| S2 | 359.25 | -0.158% | ||
| S3 | 358.13 | -0.470% |
FAQ
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