ZAR/NAD Currency Pair Forecast
ZAR/NAD currency pair downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on Jun 28, 2024)
The ZAR/NAD currency pair price fell by -0.690% on the last day (Friday, 28th Jun 2024) from $1.00 to $0.99. During the last trading day the currency pair fluctuated 1.11% from a day low at $0.99 to a day high of $1.00. The price has fallen in 6 of the last 10 days and is down by -0.62% for this period. Volume has increased on the last day by 4 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 thousand shares were bought and sold for approximately $4.29 thousand.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect ZAR/NAD currency pair with a 90% probability to be traded between $0.99 and $1.00 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ZARNAD Signals & Forecast
There are few to no technical positive signals at the moment. The ZAR/NAD 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 $0.99 and $1.00. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 27, 2024, and so far it has fallen -0.690%. 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). ZAR/NAD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Sunday, April 28, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Sunday, April 28, 2024.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Sunday, April 28, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Sunday, April 28, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Sunday, April 28, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Sunday, April 28, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A sell signal from a double top formation was found on Tuesday, June 18, 2024 and based on theory for this formation the price should fall by -0.81% to $0.99 within 2 trading days since signal was issued (Friday, June 21, 2024).
Support, Risk & Stop-loss for ZAR/NAD currency pair
ZAR/NAD finds support from accumulated volume at $0.99 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 $0.0110 between high and low, or 1.11%. For the last week the currency pair has had daily average volatility of 1.11%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ZARNAD) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect ZAR/NAD to open at $0.99, and during the day (based on 14 day Average True Range), to move between $0.98 and $1.00, which gives a possible trading interval of +/-$0.0098 (+/-0.99%) up or down from last closing price. If ZAR/NAD takes out the full calculated possible swing range there will be an estimated 1.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.99 (0.05%) than the resistance at $1.00 (0.58%), 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/NAD currency pair A Buy?
ZAR/NAD holds several negative signals and is within a narrow 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. 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 Hold/Accumulate to a Sell candidate.
Current score: -4.694 Sell Candidate Downgraded
Predicted Opening Price for ZAR/NAD of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.99 ( 0.117%) | $0.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZARNAD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.01 | 1.22% |
| R2 | 1.00 | 0.799% |
| R1 | 1.00 | 0.538% |
| Price | 0.99 | |
| S1 | 0.99 | -0.304% |
| S2 | 0.99 | -0.564% |
| S3 | 0.98 | -0.99% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.00 | 0.621% |
| R2 | 1.00 | 0.584% |
| R1 | 1.00 | 0.580% |
| Price | 0.99 | |
| S1 | 0.99 | -0.0453% |
| S2 | 0.99 | -0.112% |
| S3 | 0.99 | -0.150% |
FAQ
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