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Weekly forecast New Zealand Dollar / Canadian Dollar technical chart
Symbol NZDCAD

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Trade Setup
#NZDCAD
Total Profit: 70 pip
Closed trade(s): 0 pip Profit
Open trade(s): 70 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 0.8369 (day close price) based on 'Valley' at 2019.09.24 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/N...

Open Profit:
Profit for one trade is 0.8377(current price) - 0.8369(open price) = 7 pip
10 trade(s) still open, therefore total profit for open trade(s) is 7 x 10 = 70 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 19, 2019 - 19:07
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.82000, beginning of uptrend is expected.
  • We make sure when the resistance at 0.85300 breaks.
  • If the support at 0.82000 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 0.8689 on 2019-05-22 and the trough at 0.82365 on 2019-10-01, 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 0.8240 on 10/01/2019, so more gains to resistance(s) 0.8460 and maximum to Major Resistance (0.8530) 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 51.

Take Profits:

  1. 0.8460
  2. 0.8530
  3. 0.8620
  4. 0.8685
  5. 0.8890
  6. 0.9060
  7. 0.9260
  8. 0.9515
  9. 0.9920
Click on the level to view price action history.