NOK/ZAR - Daily - Technical analysis published on 03/03/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bullish
Technical indicators
17%
44%
39%
My opinion
Bullish above 1.7328 ZAR
My targets
1.7820 ZAR (+0.0385)
1.8080 ZAR (+0.0645)
My analysis
Has the basic bullish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bullish movement or a correction. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the support located at 1.7328 ZAR remains possible. It is advisable to trade NOK/ZAR with the greatest caution, while favouring long positions (at the time of purchase) as long as the price remains well above 1.7328 ZAR. The next bullish objective for buyers is set at 1.7820 ZAR. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 1.8080 ZAR. If there is any crossing, the next objective would be the resistance located at 1.8320 ZAR. PS: if there is a bearish break in the support located at 1.7328 ZAR we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bearish in the short term and the bullish basic trend would certainly be mitigated.
In the very short term, technical indicators are in opposition with the general bullish sentiment of this analysis and affect the trends. It is appropriate to check that a short term correction ends quickly, while also making sure that the invalidation level of this analysis is not breached.
Force
0
10
1.3
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Additional analysis
Quotes
The NOK/ZAR rating is 1.7435 ZAR. On the day, this instrument lost -0.02% and was between 1.7386 ZAR and 1.7451 ZAR. This implies that the price is at +0.28% from its lowest and at -0.09% from its highest.1.7386
1.7451
1.7435
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by NOK/ZAR:
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of NOK/ZAR indicates that the overall trend is bullish. 64.29% of the signals given by moving averages are bullish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
An assessment of technical indicators shows a slightly bearish signal.
Caution: the Central Indicators scanner currently detects an excess:
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : Daily
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
Price is back under the pivot point
Type : Bearish
Timeframe : Daily
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found these results:
Near horizontal support
Type : Bullish
Timeframe : Daily
Support of channel is broken
Type : Bearish
Timeframe : Daily
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 1.6722 | 1.6909 | 1.7328 | 1.7435 | 1.7496 | 1.7820 | 1.8080 |
| Change (%) | -4.09% | -3.02% | -0.61% | - | +0.35% | +2.21% | +3.70% |
| Change | -0.0713 | -0.0526 | -0.0107 | - | +0.0061 | +0.0385 | +0.0645 |
| Level | Major | Intermediate | Major | - | Major | Intermediate | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.7234 | 1.7297 | 1.7368 | 1.7431 | 1.7502 | 1.7565 | 1.7636 |
| Camarilla | 1.7401 | 1.7413 | 1.7426 | 1.7438 | 1.7450 | 1.7463 | 1.7475 |
| Woodie | 1.7237 | 1.7299 | 1.7371 | 1.7433 | 1.7505 | 1.7567 | 1.7639 |
| Fibonacci | 1.7297 | 1.7349 | 1.7380 | 1.7431 | 1.7483 | 1.7514 | 1.7565 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.7210 | 1.7364 | 1.7547 | 1.7701 | 1.7884 | 1.8038 | 1.8221 |
| Camarilla | 1.7637 | 1.7668 | 1.7699 | 1.7730 | 1.7761 | 1.7792 | 1.7823 |
| Woodie | 1.7225 | 1.7371 | 1.7562 | 1.7708 | 1.7899 | 1.8045 | 1.8236 |
| Fibonacci | 1.7364 | 1.7493 | 1.7572 | 1.7701 | 1.7830 | 1.7909 | 1.8038 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.6051 | 1.6471 | 1.7062 | 1.7482 | 1.8073 | 1.8493 | 1.9084 |
| Camarilla | 1.7376 | 1.7469 | 1.7561 | 1.7654 | 1.7747 | 1.7839 | 1.7932 |
| Woodie | 1.6138 | 1.6514 | 1.7149 | 1.7525 | 1.8160 | 1.8536 | 1.9171 |
| Fibonacci | 1.6471 | 1.6857 | 1.7096 | 1.7482 | 1.7868 | 1.8107 | 1.8493 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 47.01 | |
| MACD (12,26,9): | 0.0055 | |
| Directional Movement: | -3.9894 | |
| AROON (14): | -14.2857 | |
| DEMA (21): | 1.7616 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.7879 | |
| Elder Ray (13): | -0.0138 | |
| Super Trend (3,10): | 1.7093 | |
| Zig ZAG (10): | 1.7417 | |
| VORTEX (21): | 1.1006 | |
| Stochastique (14,3,5): | 13.23 | |
| TEMA (21): | 1.7614 | |
| Williams %R (14): | -90.37 | |
| Chande Momentum Oscillator (20): | -0.0251 | |
| Repulse (5,40,3): | -1.2376 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | 0.0780 | |
| Courbe Coppock: | 1.46 |
| MA7: | 1.7599 | |
| MA20: | 1.7540 | |
| MA50: | 1.7341 | |
| MA100: | 1.7357 | |
| MAexp7: | 1.7542 | |
| MAexp20: | 1.7530 | |
| MAexp50: | 1.7428 | |
| MAexp100: | 1.7330 | |
| Price / MA7: | -0.93% | |
| Price / MA20: | -0.60% | |
| Price / MA50: | +0.54% | |
| Price / MA100: | +0.45% | |
| Price / MAexp7: | -0.61% | |
| Price / MAexp20: | -0.54% | |
| Price / MAexp50: | +0.04% | |
| Price / MAexp100: | +0.61% |
Quotes :
-
Real time data
-
Forex
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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