ZAR/XAG Currency Pair Forecast
ZAR/XAG currency pair upgraded to Hold/Accumulate.
(Updated on Jun 28, 2024)
The ZAR/XAG currency pair price gained 0.99% on the last trading day (Friday, 28th Jun 2024), rising from $0.0019 to $0.0019. During the last trading day the currency pair fluctuated 2.10% from a day low at $0.0019 to a day high of $0.0019. The price has risen in 6 of the last 10 days and is up by 2.31% over the past 2 weeks. Volume fell on the last day by -100 shares and in total, 1 thousand shares were bought and sold for approximately $2.32 . 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 the upper part of a wide and falling 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 $0.0019 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the currency pair is expected to fall -8.00% during the next 3 months and, with a 90% probability hold a price between $0.0015 and $0.0018 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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ZARXAG Signals & Forecast
The ZAR/XAG 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 $0.0019 and $0.0018. 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 Wednesday, June 26, 2024, and so far it has fallen -1.45%. Further fall is indicated until a new bottom pivot has been found. 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.
Support, Risk & Stop-loss for ZAR/XAG currency pair
ZAR/XAG finds support from accumulated volume at $0.0019 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This currency pair has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the currency pair moved $0.00003902 between high and low, or 2.10%. For the last week the currency pair has had daily average volatility of 2.62%.
Our recommended stop-loss: $0.0018 (-3.37%) (This currency pair has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (ZARXAG) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect ZAR/XAG to open at $0.0019, and during the day (based on 14 day Average True Range), to move between $0.0018 and $0.0019, which gives a possible trading interval of +/-$0.00005373 (+/-2.85%) up or down from last closing price. If ZAR/XAG takes out the full calculated possible swing range there will be an estimated 5.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.0019 (0.53%) than the resistance at $0.0019 (0.57%), 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/XAG currency pair A Buy?
ZAR/XAG holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.085 Hold/Accumulate Upgraded
Predicted Opening Price for ZAR/XAG of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| $0.0019 ( 0.346%) | $0.0019 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZARXAG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0019 | 1.72% |
| R2 | 0.0019 | 0.93% |
| R1 | 0.0019 | 0.444% |
| Price | 0.0019 | |
| S1 | 0.0019 | -1.14% |
| S2 | 0.0019 | -1.62% |
| S3 | 0.0018 | -2.41% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.0019 | 2.32% |
| R2 | 0.0019 | 1.15% |
| R1 | 0.0019 | 0.573% |
| Price | 0.0019 | |
| S1 | 0.0019 | -0.532% |
| S2 | 0.0018 | -2.06% |
| S3 | 0.0018 | -3.31% |
FAQ
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