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Weekly forecast Euro / 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, 10/19/2019 - 18:43
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 1.7930, beginning of downtrend is expected.
  • We make sure when the support at 1.6965 breaks.
  • If the resistance at 1.7930 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.75735 on 2019-08-07 and the peak at 1.7699 on 2019-10-16, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1.7700 on 10/16/2019, so more losses to support(s) 1.7375, 1.7115 and minimum to Major Support (1.6965) 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 54.

Supports and Resistances:

  1. 1.7930
  2. 1.7115
  3. 1.6965
  4. 1.6815
  5. 1.6525
  6. 1.6295
  7. 1.5830
Click on the level to view price action history.

Symbol Released Current Forecast
Euro / New Zealand Dollar (EURNZD) new Sat, 23 May 2020
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