ZAR/QAR Currency Pair Forecast

ZAR/QAR currency pair upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)

ZARQAR Signals & Forecast

The ZAR/QAR 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 $0.199 and $0.195. 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 -0.219%. 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. The currency pair had a Golden Star Signal on Friday, April 26, 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.

Support, Risk & Stop-loss for ZAR/QAR currency pair

ZAR/QAR finds support from accumulated volume at $0.195 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 $0.0019 between high and low, or 0.97%. For the last week the currency pair has had daily average volatility of 1.03%

Our recommended stop-loss: $0.193 (-3.62%) (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 (ZARQAR) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect ZAR/QAR to open at $0.200, and during the day (based on 14 day Average True Range), to move between $0.198 and $0.202, which gives a possible trading interval of +/-$0.0020 (+/-1.01%) up or down from last closing price. If ZAR/QAR takes out the full calculated possible swing range there will be an estimated 2.01% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.201 (0.22%) than the support at $0.195 (2.69%), 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/QAR 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/QAR 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 Hold/Accumulate to a Buy candidate.

Current score: 2.101 Buy Candidate Upgraded

Predicted Opening Price for ZAR/QAR of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.