ZAR/TRY Currency Pair Forecast

Stronger technical forecast for ZAR/TRY currency pair price after Friday trading.
(Updated on May 10, 2024)

ZARTRY Signals & Forecast

The ZAR/TRY currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately TRY 1.74. On a fall, the currency pair will find some support from the long-term average at approximately TRY 1.72. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). ZAR/TRY has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Friday, May 03, 2024, and so far it has fallen -0.723%. Further fall is indicated until a new bottom pivot has been found.

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

ZAR/TRY finds support from accumulated volume at TRY 1.71 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 TRY 0.0790 between high and low, or 4.66%. For the last week the currency pair has had daily average volatility of 3,135,367,993.24%.

Our recommended stop-loss: TRY 1.67 (-3.92%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (ZARTRY) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect ZAR/TRY to open at TRY 1.74, and during the day (based on 14 day Average True Range), to move between TRY 1.59 and TRY 1.89, which gives a possible trading interval of +/-TRY 0.151 (+/-8.69%) up or down from last closing price. If ZAR/TRY takes out the full calculated possible swing range there will be an estimated 17.39% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at TRY 1.75 (0.19%) than the support at TRY 1.71 (1.89%), 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/TRY 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/TRY 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: 1.090 Buy Candidate Upgraded

Predicted Opening Price for ZAR/TRY of Monday, May 13, 2024

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