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Weekly forecast Australian Dollar vs. New Zealand Dollar technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateSat, 08/04/2018 - 17:29
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.0990 would begin in Midterm.

Technical analysis:

  • The ascending flag taking shape suggests we will soon see another leg higher.
  • There is a divergence in RSI and price between the peak at 1.094 on 2018-05-17 and the peak at 1.099 on 2018-07-03, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 1.0840 on 07/30/2018, so more gains maximum to Major Resistance (1.0990) 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 61.

Supports and Resistances:

  1. 1.0010
  2. 1.0255
  3. 1.0360
  4. 1.0500
  5. 1.0660
  6. 1.0760
  7. 1.0850
  8. 1.0925
  9. 1.0990
  10. 1.1135
  11. 1.1280
  12. 1.1375
  13. 1.1645
  14. 1.1920
  15. 1.2340
Click on the level to view price action history.