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Weekly forecast Australian Dollar / New Zealand Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.06233 to 1.05579). 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 (1.06233)
  • Ending of entry zone (1.05579)

DateNovember 19, 2023 - 05:06
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.05579, resumption of uptrend is expected.
  • We make sure when the resistance at 1.10816 breaks.
  • If the support at 1.05579 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI resistance #1 at 57 is broken, so the probability of resumption of uptrend is increased.
  • A trough is formed in daily chart at 1.07680 on 11/13/2023, so more gains to resistance(s) 1.09190, 1.10136 and maximum to Major Resistance (1.10816) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 57.

Take Profits:

  1. 1.07261
  2. 1.08151
  3. 1.09190
  4. 1.10136
  5. 1.10816
  6. 1.11750
  7. 1.12550
  8. 1.13635
  9. 1.14891
  10. 1.40000
Click on the level to view price action history.