ZAR/OMR Currency Pair Forecast
Evaluation of ZAR/OMR currency pair downgraded after the last trading session.
(Updated on May 17, 2024)
The ZAR/OMR currency pair price gained 0.205% on the last trading day (Friday, 17th May 2024), rising from $0.0211 to $0.0212. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 2.26% from a day low at $0.0210 to a day high of $0.0215. The price has risen in 6 of the last 10 days and is up by 1.73% over the past 2 weeks. Volume fell on the last day by -14 thousand shares and in total, 94 thousand shares were bought and sold for approximately $1.98 thousand. 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 upper part of a 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 $0.0212 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 2.62% during the next 3 months and, with a 90% probability hold a price between $0.0206 and $0.0217 at the end of this 3-month period.
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ZAROMR Signals & Forecast
The ZAR/OMR 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 $0.0210 and $0.0206. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 6.16%. Further rise is indicated until a new top pivot has been found. 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. 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. The currency pair had a Golden Star Signal on Sunday, April 28, 2024 in the long-term chart.
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 in the long-term chart.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 buy signal from a double bottom formation was found on Friday, March 29, 2024 with a target of $0.0206. 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/OMR currency pair
ZAR/OMR finds support from accumulated volume at $0.0203 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 $0.0005 between high and low, or 2.26%. For the last week the currency pair has had daily average volatility of 1.37%
Our recommended stop-loss: $0.0201 (-5.04%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (ZAROMR) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect ZAR/OMR to open at $0.0212, and during the day (based on 14 day Average True Range), to move between $0.0208 and $0.0215, which gives a possible trading interval of +/-$0.0004 (+/-1.76%) up or down from last closing price. If ZAR/OMR takes out the full calculated possible swing range there will be an estimated 3.53% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $0.0203, some $0.0009 (4.16%) from the current price of $0.0212, our system finds the risk reward attractive.
Is ZAR/OMR 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/OMR currency pair to perform well in the short-term. 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 Strong Buy to a Buy candidate.
Current score: 2.989 Buy Candidate Downgraded
Predicted Opening Price for ZAR/OMR of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.0212 ( 0.370%) | $0.0212 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZAROMR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.0217 | 2.61 % | |
| R2 | 0.0215 | 1.76 % | ||
| R1 | 0.0214 | 1.23 % | ||
| Current price: | 0.0212 | |||
| Support | S1 | 0.0211 | -0.486 % | |
| S2 | 0.0209 | -1.02 % | ||
| S3 | 0.0208 | -1.87 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 0.0212 | |||
| Support | S1 | 0.0203 | -4.16% | |
| S2 | 0.0202 | -4.43% | ||
| S3 | 0.0199 | -5.80% |
FAQ
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