ZAR/XAU Currency Pair Forecast
Green day on Friday for ZAR/XAU
(Updated on Jun 28, 2024)
The ZAR/XAU currency pair price gained 1.50% on the last trading day (Friday, 28th Jun 2024), rising from $0.00002327 to $0.00002362. During the last trading day the currency pair fluctuated 1.92% from a day low at $0.00002327 to a day high of $0.00002372. The price has been going up and down for this period, and there has been a 1.14% gain for the last 2 weeks. Volume fell on the last day by -116 shares and in total, 1 thousand shares were bought and sold for approximately $0.0297 . 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 middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the currency pair is expected to rise 3.36% during the next 3 months and, with a 90% probability hold a price between $0.00002309 and $0.00002483 at the end of this 3-month period.
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ZARXAU Signals & Forecast
The ZAR/XAU 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 $0.00002367. On a fall, the currency pair will find some support from the long-term average at approximately $0.00002319. 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). 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, June 21, 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/XAU currency pair
On the downside, the currency pair finds support just below today's level from accumulated volume at $0.00002233 and $0.00002222. 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/XAU finds support just below today's level at $0.00002233. If this is broken, then the next support from accumulated volume will be at $0.00002222 and $0.00002212.
In general the currency pair tends to have controlled movements and therefore the general risk is considered 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 $0.00000045 between high and low, or 1.92%. For the last week the currency pair has had daily average volatility of 2.07%.
Our recommended stop-loss: $0.00002259 (-4.38%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 56 days ago.)
Trading Expectations (ZARXAU) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect ZAR/XAU to open at $0.00002354, and during the day (based on 14 day Average True Range), to move between $0.00002322 and $0.00002402, which gives a possible trading interval of +/-$0.00000040 (+/-1.70%) up or down from last closing price. If ZAR/XAU takes out the full calculated possible swing range there will be an estimated 3.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.00002364 (0.07%) than the support at $0.00002233 (5.47%), 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/XAU currency pair A Buy?
ZAR/XAU 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.
Current score: -0.243 Hold/Accumulate Unchanged
Predicted Opening Price for ZAR/XAU of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
$0.00002354 ( 0.364%) | $0.00002362 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZARXAU
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.00002398 | 1.52% |
R2 | 0.00002381 | 0.80% |
R1 | 0.00002371 | 0.357% |
Price | 0.00002362 | |
S1 | 0.00002337 | -1.09% |
S2 | 0.00002326 | -1.53% |
S3 | 0.00002309 | -2.25% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0.00002381 | 0.81% |
R2 | 0.00002369 | 0.301% |
R1 | 0.00002364 | 0.0673% |
Price | 0.00002362 | |
S1 | 0.00002233 | -5.47% |
S2 | 0.00002222 | -5.94% |
S3 | 0.00002212 | -6.38% |
FAQ
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