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Weekly forecast British Pound / New Zealand Dollar technical chart
Symbol GBPNZD
Trade Setup

#GBPNZD
Total Profit: 3302 pip
Closed trade(s): 677 pip Profit
Open trade(s): 2625 pip Profit

Trade Setup:
We opened 7 BUY trades @ 1.93991 based on 'Valley' entry method at 2022-09-29.

Closed Profit:
TP1 @ 1.96317 touched at 2022-09-30 with 233 pip Profit.
TP2 @ 1.98427 touched at 2022-09-30 with 444 pip Profit.
233 + 444 = 677 pip

Open Profit:
Profit for one BUY trade is 1.99241(current price) - 1.93991(open price) = 525 pip
5 trade(s) still open, therefore total profit for open trade(s) is 525 x 5 = 2625 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateOctober 2, 2022 - 19:17
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.87030, beginning of uptrend is expected.
  • We make sure when the resistance at 2.05278 breaks.
  • If the support at 1.87030 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.87582 on 2022-08-15 and the trough at 1.81269 on 2022-09-26, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.81270 on 09/26/2022, so more gains to resistance(s) 2.00520, 2.02650 and maximum to Major Resistance (2.05278) 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 71.

Take Profits:

  1. 1.96317
  2. 1.98427
  3. 2.00520
  4. 2.02650
  5. 2.05278
  6. 2.10300
Click on the level to view price action history.