XAG/TRY Currency Pair Forecast

Strong day for XAG/TRY currency pair price on Friday rising 6.18% to TRY 1,014.06
(Updated on May 17, 2024)

XAGTRY Signals & Forecast

The XAG/TRY 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 TRY 940.69 and TRY 898.42. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 30, 2024, and so far it has risen 19.35%. 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 XAG/TRY currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at TRY 936.75 and TRY 914.53. 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/TRY finds support just below today's level at TRY 936.75. If this is broken, then the next support from accumulated volume will be at TRY 914.53 and TRY 775.83.

This currency pair has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the currency pair moved TRY 66.97 between high and low, or 7.04%. For the last week the currency pair has had daily average volatility of 3.00%.

Our recommended stop-loss: TRY 983.58 (-3.01%) (This currency pair has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 25 days ago.)

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

For the upcoming trading day on Monday, 20th we expect XAG/TRY to open at TRY 994.42, and during the day (based on 14 day Average True Range), to move between TRY 988.85 and TRY 1,039.27, which gives a possible trading interval of +/-TRY 25.21 (+/-2.49%) up or down from last closing price. If XAG/TRY 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.

With no resistance above and support from accumulated volume @ TRY 936.75, some TRY 77.31 (7.62%) from the current price of TRY 1,014.06, our system finds the risk reward attractive.

Is XAG/TRY currency pair A Buy?

XAG/TRY 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 Strong Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for XAG/TRY of Monday, May 20, 2024

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