ZAR/ILS Currency Pair Forecast

Stronger technical forecast for ZAR/ILS currency pair price after Friday trading.
(Updated on May 31, 2024)

ZARILS Signals & Forecast

ZAR/ILS 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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ZAR/ILS 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 ₪0.199 and ₪0.200. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 26, 2024, and so far it has fallen -3.01%. 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 ZAR/ILS currency pair

ZAR/ILS finds support from accumulated volume at ₪0.197 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 ₪0.0032 between high and low, or 1.65%. For the last week the currency pair has had daily average volatility of 0.89%.

Our recommended stop-loss: ₪0.188 (-4.90%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 32 days ago.)

Trading Expectations (ZARILS) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect ZAR/ILS to open at ₪0.198, and during the day (based on 14 day Average True Range), to move between ₪0.195 and ₪0.201, which gives a possible trading interval of +/-₪0.0028 (+/-1.39%) up or down from last closing price. If ZAR/ILS takes out the full calculated possible swing range there will be an estimated 2.79% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₪0.197 (0.28%) than the resistance at ₪0.199 (0.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ZAR/ILS currency pair A Buy?

ZAR/ILS 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: 0.297 Hold/Accumulate Upgraded

Predicted Opening Price for ZAR/ILS of Monday, June 3, 2024

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