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Weekly forecast Australian Dollar / New Zealand Dollar technical chart
Symbol AUDNZD

Download MT4 template file

Trade Setup
#AUDNZD
Total Profit: 870 pip
Closed trade(s): 303 pip Profit
Open trade(s): 567 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 1.0354 (day close price) based on 'Two-day reversal candle(Hammer)' at 2020.02.03 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/A...

Closed Profit:
TP1 @ 1.0395 touched at 2020.02.04 with 41 pip Profit.
TP2 @ 1.0445 touched at 2020.02.06 with 91 pip Profit.
TP3 @ 1.0525 touched at 2020.03.04 with 171 pip Profit.
41 + 91 + 171 = 303 pip

Open Profit:
Profit for one trade is 1.0435(current price) - 1.0354(open price) = 81 pip
7 trade(s) still open, therefore total profit for open trade(s) is 81 x 7 = 567 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
DateMarch 7, 2020 - 18:46
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.03150, beginning of uptrend is expected.
  • We make sure when the resistance at 1.05250 breaks.
  • If the support at 1.03150 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • There is a divergence in RSI and price between the peak at 1.0504 on 2020-02-11 and the peak at 1.0528 on 2020-03-05, and the probability of beginning of uptrend is decreased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1.0530 on 03/04/2020, so more losses to support(s) 1.0395 and minimum to Major Support (1.0315) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 50.

Take Profits:

  1. 1.0395
  2. 1.0445
  3. 1.0525
  4. 1.0585
  5. 1.0660
  6. 1.0730
  7. 1.0850
  8. 1.0990
  9. 1.1140
Click on the level to view price action history.
Symbol Released Current Forecast
Australian Dollar / New Zealand Dollar (AUDNZD) new Sun, 21 Apr 2024
Australian Dollar / New Zealand Dollar (AUDNZD) Sun, 14 Apr 2024
Australian Dollar / New Zealand Dollar (AUDNZD) Sun, 7 Apr 2024
Australian Dollar / New Zealand Dollar (AUDNZD) Sat, 30 Mar 2024
Australian Dollar / New Zealand Dollar (AUDNZD) Sun, 24 Mar 2024
History
Daily-Trading-Opportunities on AUDNZD.