ZAR/ARS Currency Pair Forecast
ZAR/ARS currency pair upgraded to Sell Candidate.
(Updated on May 17, 2024)
The ZAR/ARS currency pair price gained 0.193% on the last trading day (Friday, 17th May 2024), rising from $0.487 to $0.488. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 0.85% from a day low at $0.484 to a day high of $0.489. The price has risen in 7 of the last 10 days but is still down by -98.97% for this period. Volume fell on the last day by -356 shares and in total, 2 thousand shares were bought and sold for approximately $1.20 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.
The currency pair lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at -$0.0730 is broken, it will firstly indicate a stronger fall rate. Due to the high volatility and the trend direction we are not able to give forecast range for this stock.
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ZARARS Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 1.40%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ZAR/ARS 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 $20.83 and $41.21. 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). 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ZAR/ARS currency pair
ZAR/ARS finds support from accumulated volume at $0.487 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair may move very much during the day (volatility) and with periodic low trading volume this currency pair is considered to be "very high risk". During the last day, the currency pair moved $0.0041 between high and low, or 0.85%. For the last week the currency pair has had daily average volatility of 1.02%.
ZAR/ARS is oversold on RSI14 (4). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZARARS) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect ZAR/ARS to open at $0.487, and during the day (based on 14 day Average True Range), to move between -$2.64 and $3.61, which gives a possible trading interval of +/-$3.13 (+/-639.90%) up or down from last closing price. If ZAR/ARS takes out the full calculated possible swing range there will be an estimated 1 279.81% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.487, some $0.0009 (0.19%) from the current price of $0.488, our system finds the risk reward attractive.
Is ZAR/ARS currency pair A Buy?
ZAR/ARS holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.528 Sell Candidate Upgraded
Predicted Opening Price for ZAR/ARS of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.487 ( 0.257%) | $0.488 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZARARS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.491 | 0.588 % | |
| R2 | 0.490 | 0.265 % | ||
| R1 | 0.489 | 0.0657 % | ||
| Current price: | 0.488 | |||
| Support | S1 | 0.486 | -0.580 % | |
| S2 | 0.485 | -0.780 % | ||
| S3 | 0.483 | -1.10 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.488 | |||
| Support | S1 | 0.487 | -0.192% | |
| S2 | 0.484 | -0.81% | ||
| S3 | 0.482 | -1.38% |
FAQ
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