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

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.05201 to 1.04690). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.05201)
  • Ending of entry zone (1.04690)

DateMarch 5, 2023 - 12:42
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.07366, resumption of uptrend is expected.
  • We make sure when the resistance at 1.11118 breaks.
  • If the support at 1.07366 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI support #1 at 48 is broken, so the probability of resumption of uptrend is decreased.
  • A trough is formed in daily chart at 1.07765 on 03/03/2023, so more gains to resistance(s) 1.09190, 1.10090 and maximum to Major Resistance (1.11118) 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 45.

Take Profits:

  1. 1.06221
  2. 1.07366
  3. 1.07909
  4. 1.08546
  5. 1.09190
  6. 1.10090
  7. 1.11118
  8. 1.12550
  9. 1.13635
  10. 1.14891
  11. 1.40000
Click on the level to view price action history.