XAG/HKD Currency Pair Forecast
Green day on Wednesday for XAG/HKD
(Updated on May 08, 2024)
The XAG/HKD currency pair price gained 0.298% on the last trading day (Wednesday, 8th May 2024), rising from HK$213.05 to HK$213.69. During the last trading day the currency pair fluctuated 1.73% from a day low at HK$211.16 to a day high of HK$214.80. The price has fallen in 7 of the last 10 days and is down by -0.52% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 72 more shares were traded than the day before. In total, 3 thousand shares were bought and sold for approximately HK$534.43 thousand.
The currency pair lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at HK$209.73 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the currency pair is expected to rise 25.49% during the next 3 months and, with a 90% probability hold a price between HK$263.19 and HK$300.85 at the end of this 3-month period.
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XAGHKD Signals & Forecast
The XAG/HKD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at HK$210.21 and HK$210.78. A breakdown below any of these levels will issue sell signals. XAG/HKD 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. 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 Monday, April 15, 2024, and so far it has fallen -5.47%. 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).
Support, Risk & Stop-loss for XAG/HKD currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at HK$190.24 and HK$190.00. 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, XAG/HKD finds support just below today's level at HK$190.24. If this is broken, then the next support from accumulated volume will be at HK$190.00 and HK$180.98.
This currency pair has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the currency pair moved HK$3.64 between high and low, or 1.73%. For the last week, the currency pair has had daily average volatility of 2.54%.
Our recommended stop-loss: HK$204.07 (-4.50%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 18 days ago.)
Trading Expectations (XAGHKD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect XAG/HKD to open at HK$213.21, and during the day (based on 14 day Average True Range), to move between HK$208.37 and HK$219.00, which gives a possible trading interval of +/-HK$5.31 (+/-2.49%) up or down from last closing price. If XAG/HKD takes out the full calculated possible swing range there will be an estimated 4.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$220.94 (3.40%) than the support at HK$190.24 (10.97%), 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 XAG/HKD 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 XAG/HKD currency pair to perform well in the short-term.
Current score: 1.216 Buy Candidate Unchanged
Predicted Opening Price for XAG/HKD of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| HK$213.21 ( 0.221%) | HK$213.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XAGHKD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 216.86 | 1.48 % | |
| R2 | 215.47 | 0.83 % | ||
| R1 | 214.61 | 0.431 % | ||
| Current price: | 213.69 | |||
| Support | S1 | 211.82 | -0.87 % | |
| S2 | 210.96 | -1.27 % | ||
| S3 | 209.57 | -1.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 226.05 | 5.79 % | |
| R2 | 224.63 | 5.12 % | ||
| R1 | 220.94 | 3.40 % | ||
| Current price | 213.69 | |||
| Support | S1 | 190.24 | -10.97% | |
| S2 | 190.00 | -11.09% | ||
| S3 | 180.98 | -15.31% |
FAQ
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