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

Download MT4 template file

Trade Setup

#GBPNZD
Total Profit: 1380 pip
Closed trade(s): 100 pip Profit
Open trade(s): 1280 pip Profit

Trade Setup:
We opened 11 SELL trade(s) @ 1.9740 (day close price) based on 'Two-day reversal candle (Shooting Star)' at 2018.10.24 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.9640 touched at 2018.10.25 with 100 pip Profit.

Open Profit:
Profit for one trade is 1.9740(open price) - 1.9612(current price) = 128 pip
10 trade(s) still open, therefore total profit for open trade(s) is 128 x 10 = 1280 pip

Trading suggestion:

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

DateOctober 29, 2018 - 19:13
Currentrange bound
Forecastbeginning 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 2.04700 would begin in Midterm.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 2.00305 on 2018-09-18 and the peak at 2.04675 on 2018-10-10, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 2.0470 on 10/11/2018, so more losses to support(s) 1.9545, 1.9435, 1.9245 and more depths 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 39.

Take Profits:

  1. 1.9640
  2. 1.9545
  3. 1.9435
  4. 1.9245
  5. 1.9095
  6. 1.8930
  7. 1.8605
  8. 1.7900
  9. 1.7440
  10. 1.6705
Click on the level to view price action history.