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Weekly forecast Australian Dollar / New Zealand Dollar technical chart

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Trade Setup
Total Profit: -343 pip
Closed trade(s): 0 pip Profit
Open trade(s): -343 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1.0571 based on 'Hammer' at 2020.11.12 signaled by DTO:

Open Profit:
Profit for one trade is 1.0522(current price) - 1.0571(open price) = -49 pip
7 trade(s) still open, therefore total profit for open trade(s) is -49 x 7 = -343 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.

DateNovember 21, 2020 - 15:42
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 1.0510, beginning of uptrend is expected.
  • We make sure when the resistance at 1.0815 breaks.
  • If the support at 1.0510 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The ascending flag taking shape suggests we will soon see another leg higher.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.0630 on 11/13/2020, so more losses to support(s) 1.0515 and minimum to Major Support (1.0510) 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 33.

Take Profits:

  1. 1.0660
  2. 1.0760
  3. 1.0815
  4. 1.0890
  5. 1.1045
  6. 1.1455
Click on the level to view price action history.