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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 (1.06233 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)

DateDecember 2, 2023 - 21:39
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 peak is formed in daily chart at 1.08860 on 11/20/2023, so more losses to support(s) 1.07261, 1.06233 and minimum to Major Support (1.05579) 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 40.

Take Profits:

  1. 1.07261
  2. 1.08139
  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.