CAD/ZAR - 1H - Technical analysis published on 02/01/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
56%
6%
39%
My opinion
Bearish under 14.0682 ZAR
My targets
13.9038 ZAR (-0.0423)
13.7429 ZAR (-0.2032)
My analysis
Has the basic bearish 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 bearish trend or a rebound. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the resistance located at 14.0682 ZAR remains possible. It is advisable to trade CAD/ZAR with the greatest caution, while favouring short positions (for sale) as long as the price remains well below 14.0682 ZAR. The next bearish objective for sellers is set at 13.9038 ZAR. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 13.7429 ZAR. In case of crossing, the next objective would be the support located at 13.5750 ZAR. PS: if there is a bullish break in the resistance located at 14.0682 ZAR we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bullish in the short term and the bearish trend would certainly be mitigated.
In the very short term, technical indicators are in opposition with the general bearish 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
1.6
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Additional analysis
Quotes
The CAD/ZAR price is 13.9461 ZAR. On the day, this instrument gained +0.33% and was traded between 13.8829 ZAR and 13.9487 ZAR over the period. The price is currently at +0.46% from its lowest and -0.02% from its highest.13.8829
13.9487
13.9461
A study of price movements over other periods shows the following variations:
Near a new HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of CAD/ZAR in 1H shows an overall bearish trend. 75.00% of the signals given by moving averages are bearish. Caution: as the signals currently given by short-term moving averages are rather neutral, the bearish trend could slow down. The Central Indicators market scanner is currently detecting several bearish and bullish signals that could impact this trend:
Bullish trend reversal : adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
Bearish price crossover with adaptative moving average 20
Type : Bearish
Timeframe : 1 hour
The probability of a further increase are moderate given the direction of the technical indicators.
Central Indicators, the detector scanner for these technical indicators recently detected a signal:
Momentum indicator is back over 0
Type : Bullish
Timeframe : 1 hour
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified these signals:
Near resistance of channel
Type : Bearish
Timeframe : 1 hour
Near horizontal support
Type : Bullish
Timeframe : 1 hour
From the Japanese candlestick perspective, the Central Candlesticks scanner notes the presence of these results that could impact the short-term trend:
Bearish harami
Type : Bearish
Timeframe : 1 hour
Doji
Type : Neutral
Timeframe : 1 hour
Bearish harami cross
Type : Bearish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 13.5750 | 13.7429 | 13.9038 | 13.9461 | 14.0937 | 14.1620 | 14.2347 |
| Change (%) | -2.66% | -1.46% | -0.30% | - | +1.06% | +1.55% | +2.07% |
| Change | -0.3711 | -0.2032 | -0.0423 | - | +0.1476 | +0.2159 | +0.2886 |
| Level | Major | Minor | Major | - | Intermediate | Minor | Major |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 13.6599 | 13.7662 | 13.8334 | 13.9397 | 14.0069 | 14.1132 | 14.1804 |
| Camarilla | 13.8528 | 13.8687 | 13.8846 | 13.9005 | 13.9164 | 13.9323 | 13.9482 |
| Woodie | 13.6403 | 13.7564 | 13.8138 | 13.9299 | 13.9873 | 14.1034 | 14.1608 |
| Fibonacci | 13.7662 | 13.8325 | 13.8735 | 13.9397 | 14.0060 | 14.0470 | 14.1132 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 13.4572 | 13.6956 | 13.8298 | 14.0682 | 14.2024 | 14.4408 | 14.5750 |
| Camarilla | 13.8615 | 13.8957 | 13.9299 | 13.9640 | 13.9982 | 14.0323 | 14.0665 |
| Woodie | 13.4051 | 13.6696 | 13.7777 | 14.0422 | 14.1503 | 14.4148 | 14.5229 |
| Fibonacci | 13.6956 | 13.8379 | 13.9259 | 14.0682 | 14.2105 | 14.2985 | 14.4408 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 13.1735 | 13.4814 | 13.6909 | 13.9988 | 14.2083 | 14.5162 | 14.7257 |
| Camarilla | 13.7582 | 13.8056 | 13.8531 | 13.9005 | 13.9479 | 13.9954 | 14.0428 |
| Woodie | 13.1244 | 13.4568 | 13.6418 | 13.9742 | 14.1592 | 14.4916 | 14.6766 |
| Fibonacci | 13.4814 | 13.6790 | 13.8011 | 13.9988 | 14.1964 | 14.3185 | 14.5162 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 47.63 | |
| MACD (12,26,9): | -0.0191 | |
| Directional Movement: | -4.2877 | |
| AROON (14): | 0 | |
| DEMA (21): | 13.8962 | |
| Parabolic SAR (0,02-0,02-0,2): | 13.9643 | |
| Elder Ray (13): | 0.0137 | |
| Super Trend (3,10): | 13.9820 | |
| Zig ZAG (10): | 13.9248 | |
| VORTEX (21): | 1.0017 | |
| Stochastique (14,3,5): | 48.49 | |
| TEMA (21): | 13.8982 | |
| Williams %R (14): | -37.46 | |
| Chande Momentum Oscillator (20): | 0.0229 | |
| Repulse (5,40,3): | 0.2224 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0264 | |
| Courbe Coppock: | 0.35 |
| MA7: | 13.9761 | |
| MA20: | 14.0096 | |
| MA50: | 13.9239 | |
| MA100: | 13.8537 | |
| MAexp7: | 13.9158 | |
| MAexp20: | 13.9242 | |
| MAexp50: | 13.9578 | |
| MAexp100: | 13.9837 | |
| Price / MA7: | -0.21% | |
| Price / MA20: | -0.45% | |
| Price / MA50: | +0.16% | |
| Price / MA100: | +0.67% | |
| Price / MAexp7: | +0.22% | |
| Price / MAexp20: | +0.16% | |
| Price / MAexp50: | -0.08% | |
| Price / MAexp100: | -0.27% |
Quotes :
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Real time data
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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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