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Weekly forecast British Pound / New Zealand Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.88500 to 1.87030). 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 (1.88500)
  • Ending of entry zone (1.87030)

DateJanuary 29, 2023 - 22:20
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.87030, resumption of uptrend is expected.
  • We make sure when the resistance at 1.96308 breaks.
  • If the support at 1.87030 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
  • A trough is formed in daily chart at 1.88975 on 01/24/2023, so more gains to resistance(s) 1.91599, 1.94385 and maximum to Major Resistance (1.96308) 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 48.

Take Profits:

  1. 1.96308
  2. 1.98427
  3. 2.00520
  4. 2.02216
  5. 2.05278
  6. 2.10300
Click on the level to view price action history.