ZAR/NGN Currency Pair Forecast
A very strong day for ZAR/NGN currency pair price on Monday
(Updated on May 20, 2024)
The ZAR/NGN currency pair price gained 942.95% on the last trading day (Monday, 20th May 2024), rising from $8.08 to $84.32. During the last trading day the currency pair fluctuated 4.43% from a day low at $80.81 to a day high of $84.39. The price has risen in 6 of the last 10 days and is up by 12.46% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 thousand more shares were traded than the day before. In total, 95 thousand shares were bought and sold for approximately $8.02 million.
Given the current short-term trend, the currency pair is expected to fall -32.73% during the next 3 months and, with a 90% probability hold a price between $3.57 and $56.72 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ZARNGN Signals & Forecast
The ZAR/NGN currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $28.88 and $60.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 972.02%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for ZAR/NGN currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at $74.72 and $66.25. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, ZAR/NGN finds support just below today's level at $74.72. If this is broken, then the next support from accumulated volume will be at $66.25 and $63.56.
This currency pair may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this currency pair is considered to be "very high risk". During the last day, the currency pair moved $3.58 between high and low, or 4.43%. For the last week, the currency pair has had daily average volatility of 3.24%.
Our recommended stop-loss: $81.00 (-3.94%) (This currency pair has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (ZARNGN) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect ZAR/NGN to open at $83.17, and during the day (based on 14 day Average True Range), to move between $73.53 and $95.12, which gives a possible trading interval of +/-$10.80 (+/-12.80%) up or down from last closing price. If ZAR/NGN takes out the full calculated possible swing range there will be an estimated 25.61% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $84.50 (0.22%) than the support at $74.72 (11.39%), 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/NGN currency pair A Buy?
Several short-term signals are positive, despite the currency pair being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Strong Sell to a Buy candidate.
Current score: 4.406 Buy Candidate Upgraded
Predicted Opening Price for ZAR/NGN of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| $83.17 ( 1.36%) | $84.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZARNGN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 86.75 | 2.88 % | |
| R2 | 85.38 | 1.26 % | ||
| R1 | 84.54 | 0.257 % | ||
| Current price: | 84.32 | |||
| Support | S1 | 81.81 | -2.98 % | |
| S2 | 80.96 | -3.99 % | ||
| S3 | 79.59 | -5.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 85.03 | 0.84 % | |
| R2 | 84.51 | 0.223 % | ||
| R1 | 84.50 | 0.216 % | ||
| Current price | 84.32 | |||
| Support | S1 | 74.72 | -11.39% | |
| S2 | 66.25 | -21.43% | ||
| S3 | 63.56 | -24.62% |
FAQ
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