ZAR/MAD Currency Pair Forecast
ZAR/MAD currency pair upgraded to Hold/Accumulate.
(Updated on May 31, 2024)
The ZAR/MAD currency pair price gained 0.737% on the last trading day (Friday, 31st May 2024), rising from $0.528 to $0.532. During the last trading day the currency pair fluctuated 3.42% from a day low at $0.514 to a day high of $0.532. The price has fallen in 7 of the last 10 days and is down by -2.71% for this period. Volume fell on the last day by -8 thousand shares and in total, 3 shares were bought and sold for approximately $1.59 . 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 part of a narrow and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.527 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 2.08% during the next 3 months and, with a 90% probability hold a price between $0.538 and $0.560 at the end of this 3-month period.
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ZARMAD Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 0.737%. 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/MAD 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 $0.536 and $0.536. 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.
A buy signal from a double bottom formation was found on Monday, April 29, 2024 with a target of $0.526. Despite whether the objective of the signal formation has been reached the currency pair may continue to perform well.
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 $0.0176 between high and low, or 3.42%. For the last week the currency pair has had daily average volatility of 1.23%
Our recommended stop-loss: $0.502 (-5.53%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (ZARMAD) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect ZAR/MAD to open at $0.526, and during the day (based on 14 day Average True Range), to move between $0.523 and $0.540, which gives a possible trading interval of +/-$0.0083 (+/-1.56%) up or down from last closing price. If ZAR/MAD takes out the full calculated possible swing range there will be an estimated 3.13% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.531 (0.18%) than the resistance at $0.534 (0.42%), 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/MAD currency pair A Buy?
ZAR/MAD 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: 0.648 Hold/Accumulate Upgraded
Predicted Opening Price for ZAR/MAD of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $0.526 ( 1.10%) | $0.532 |
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 | 0.543 | 2.20 % | |
| R2 | 0.537 | 0.94 % | ||
| R1 | 0.532 | 0.161 % | ||
| Current price: | 0.532 | |||
| Support | S1 | 0.519 | -2.36 % | |
| S2 | 0.515 | -3.14 % | ||
| S3 | 0.508 | -4.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.539 | 1.39 % | |
| R2 | 0.536 | 0.779 % | ||
| R1 | 0.534 | 0.421 % | ||
| Current price | 0.532 | |||
| Support | S1 | 0.531 | -0.177% | |
| S2 | 0.529 | -0.484% | ||
| S3 | 0.528 | -0.732% |
FAQ
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