ZAR/MAD Currency Pair Forecast
Red day on Friday for ZAR/MAD
(Updated on May 17, 2024)
The ZAR/MAD currency pair price fell by -0.203% on the last day (Friday, 17th May 2024) from $0.546 to $0.544. During the last trading day the currency pair fluctuated 3.25% from a day low at $0.527 to a day high of $0.544. The price has fallen in 7 of the last 10 days and is down by -0.02% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -5 shares and in total, 2 shares were bought and sold for approximately $1.09 .
The currency pair lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $0.546 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 4.09% during the next 3 months and, with a 90% probability hold a price between $0.546 and $0.568 at the end of this 3-month period.
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ZARMAD Signals & Forecast
The ZAR/MAD 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 $0.543 and $0.535. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Thursday, May 16, 2024, and so far it has fallen -0.203%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for ZAR/MAD currency pair
ZAR/MAD finds support from accumulated volume at $0.531 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 therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved $0.0172 between high and low, or 3.25%. For the last week the currency pair has had daily average volatility of 0.785%
Our recommended stop-loss: $0.524 (-3.70%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (ZARMAD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect ZAR/MAD to open at $0.539, and during the day (based on 14 day Average True Range), to move between $0.536 and $0.553, which gives a possible trading interval of +/-$0.0084 (+/-1.55%) up or down from last closing price. If ZAR/MAD takes out the full calculated possible swing range there will be an estimated 3.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.545 (0.02%) than the support at $0.531 (2.55%), 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 ZAR/MAD 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 ZAR/MAD currency pair to perform well in the short-term.
Current score: 1.970 Buy Candidate Unchanged
Predicted Opening Price for ZAR/MAD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.539 ( 1.05%) | $0.544 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZARMAD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.556 | 2.10 % | |
| R2 | 0.549 | 0.90 % | ||
| R1 | 0.545 | 0.153 % | ||
| Current price: | 0.544 | |||
| Support | S1 | 0.532 | -2.25 % | |
| S2 | 0.528 | -3.00 % | ||
| S3 | 0.522 | -4.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.546 | 0.204 % | |
| R2 | 0.545 | 0.0973 % | ||
| R1 | 0.545 | 0.0220 % | ||
| Current price | 0.544 | |||
| Support | S1 | 0.531 | -2.55% | |
| S2 | 0.529 | -2.85% | ||
| S3 | 0.525 | -3.63% |
FAQ
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