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

Download MT4 template file

Trade Setup

#GBPNZD
Total Profit: 1175 pip
Closed trade(s): 1175 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 11 SELL trade(s) @ 1.9440 (day close price) based on 'Peak' at 2018.04.27 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.9350 touched at 2018.05.03 with 90 pip Profit.
TP2 @ 1.9210 touched at 2018.05.25 with 230 pip Profit.
TP3 @ 1.9095 touched at 2018.05.29 with 345 pip Profit.
TP4 @ 1.8930 touched at 2018.05.31 with 510 pip Profit.
90 + 230 + 345 + 510 = 1175 pip

7 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.9525 to 1.9755). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.9525)
    • Resistance on 11/17/2017
    • Resistance on 11/21/2017
    • Support on 12/01/2017
    • Support on 12/04/2017
    • Support on 12/05/2017
    • Support on 12/08/2017
    • Resistance on 03/19/2018
    • Resistance on 03/20/2018
    • Resistance on 03/26/2018
    • Resistance on 03/27/2018
    • Resistance on 03/28/2018
    • Resistance on 03/29/2018
    • Peak on 04/03/2018
    • Resistance on 04/03/2018
    • Resistance on 04/16/2018
    • Resistance on 04/17/2018
    • Resistance on 04/18/2018
    • Resistance on 04/19/2018
    • Resistance on 04/23/2018
    • Resistance on 05/10/2018
    • Support on 05/16/2018
    • Resistance on 05/21/2018
  • Ending of entry zone (1.9755)
    • Resistance on 12/08/2017
    • Resistance on 04/25/2018
    • Peak on 04/26/2018
    • Resistance on 04/26/2018
    • Resistance on 04/27/2018

DateJuly 1, 2018 - 16:41
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.98350 would begin in Midterm.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 1.8920 on 06/01/2018, so more gains to resistance(s) 1.9525, 1.9755 and maximum to Major Resistance (1.9835) 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 64.

Take Profits:

  1. 1.9350
  2. 1.9210
  3. 1.9095
  4. 1.8930
  5. 1.8785
  6. 1.8640
  7. 1.8270
  8. 1.7900
  9. 1.7440
  10. 1.6705
Click on the level to view price action history.