NOK/ZAR - 1H - Technical analysis published on 09/26/2024 (GMT)
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I am pleased to note that the threshold for invalidation has been maintained for 20 Candlesticks.
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- Timeframe : 1H
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
39%
11%
50%
My opinion
Bearish under 1.6395 ZAR
My targets
1.6217 ZAR (-0.0104)
1.6159 ZAR (-0.0162)
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 1.6395 ZAR remains possible. It is advisable to trade NOK/ZAR with the greatest caution, while favouring short positions (for sale) as long as the price remains well below 1.6395 ZAR. The next bearish objective for sellers is set at 1.6217 ZAR. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 1.6159 ZAR. In case of crossing, the next objective would be the support located at 1.5892 ZAR. PS: if there is a bullish break in the resistance located at 1.6395 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, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
3
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Additional analysis
Quotes
NOK/ZAR rating 1.6321 ZAR. The price is lower by -0.04% since the last closing and was between 1.6182 ZAR and 1.6373 ZAR. This implies that the price is at +0.86% from its lowest and at -0.32% from its highest.1.6182
1.6373
1.6321
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by NOK/ZAR:
New LOW record (1 year)
Type : Bearish
Timeframe : Weekly
New LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
New LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of NOK/ZAR indicates that the overall trend is bearish. The signals given by moving averages are 78.57% bearish. This bearish trend could slow down given the neutral signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
An assessment of technical indicators shows a slightly bullish signal.
Central Indicators, the detector scanner for these technical indicators has recently detected several signals:
Pivot points : price is under support 1
Type : Neutral
Timeframe : Weekly
Williams %R indicator is back under -50
Type : Bearish
Timeframe : 1 hour
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
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 | 1.5892 | 1.6159 | 1.6316 | 1.6321 | 1.6395 | 1.6455 | 1.6603 |
| Change (%) | -2.63% | -0.99% | -0.03% | - | +0.45% | +0.82% | +1.73% |
| Change | -0.0429 | -0.0162 | -0.0005 | - | +0.0074 | +0.0134 | +0.0282 |
| Level | Major | Minor | Intermediate | - | Minor | Minor | Major |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.5813 | 1.6052 | 1.6189 | 1.6428 | 1.6565 | 1.6804 | 1.6941 |
| Camarilla | 1.6224 | 1.6258 | 1.6293 | 1.6327 | 1.6362 | 1.6396 | 1.6430 |
| Woodie | 1.5763 | 1.6027 | 1.6139 | 1.6403 | 1.6515 | 1.6779 | 1.6891 |
| Fibonacci | 1.6052 | 1.6195 | 1.6284 | 1.6428 | 1.6571 | 1.6660 | 1.6804 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.5898 | 1.6217 | 1.6416 | 1.6735 | 1.6934 | 1.7253 | 1.7452 |
| Camarilla | 1.6474 | 1.6521 | 1.6569 | 1.6616 | 1.6664 | 1.6711 | 1.6759 |
| Woodie | 1.5839 | 1.6187 | 1.6357 | 1.6705 | 1.6875 | 1.7223 | 1.7393 |
| Fibonacci | 1.6217 | 1.6415 | 1.6537 | 1.6735 | 1.6933 | 1.7055 | 1.7253 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.5878 | 1.6184 | 1.6496 | 1.6802 | 1.7114 | 1.7420 | 1.7732 |
| Camarilla | 1.6639 | 1.6696 | 1.6752 | 1.6809 | 1.6866 | 1.6922 | 1.6979 |
| Woodie | 1.5882 | 1.6186 | 1.6500 | 1.6804 | 1.7118 | 1.7422 | 1.7736 |
| Fibonacci | 1.6184 | 1.6420 | 1.6566 | 1.6802 | 1.7038 | 1.7184 | 1.7420 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 47.10 | |
| MACD (12,26,9): | -0.0017 | |
| Directional Movement: | -2.6766 | |
| AROON (14): | 28.5714 | |
| DEMA (21): | 1.6288 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.6277 | |
| Elder Ray (13): | 0.0003 | |
| Super Trend (3,10): | 1.6212 | |
| Zig ZAG (10): | 1.6315 | |
| VORTEX (21): | 0.9909 | |
| Stochastique (14,3,5): | 53.87 | |
| TEMA (21): | 1.6309 | |
| Williams %R (14): | -54.63 | |
| Chande Momentum Oscillator (20): | 0.0012 | |
| Repulse (5,40,3): | 0.0184 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0216 | |
| Courbe Coppock: | 0.35 |
| MA7: | 1.6523 | |
| MA20: | 1.6612 | |
| MA50: | 1.6735 | |
| MA100: | 1.6980 | |
| MAexp7: | 1.6310 | |
| MAexp20: | 1.6317 | |
| MAexp50: | 1.6377 | |
| MAexp100: | 1.6452 | |
| Price / MA7: | -1.22% | |
| Price / MA20: | -1.75% | |
| Price / MA50: | -2.47% | |
| Price / MA100: | -3.88% | |
| Price / MAexp7: | +0.07% | |
| Price / MAexp20: | +0.02% | |
| Price / MAexp50: | -0.34% | |
| Price / MAexp100: | -0.80% |
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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