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

Download MT4 template file

Trade Setup
#NZDCAD
Total Profit: 90 pip
Closed trade(s): 90 pip Profit
Open trade(s): 0 pip Profit

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

Closed Profit:
TP1 @ 0.8460 touched at 2019.11.01 with 90 pip Profit.

9 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 Buy Zone (0.8285 to 0.8200). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is below the level 0.8345, the probability of beginning of uptrend is too weak, so we would enter the market with buy trades based on Daily-Trading-Opportunities and a day close price above 0.8345 and expect to reach short-term targets.

  • Beginning of entry zone (0.8285)
    • Support on 01/10/2013
    • Support on 01/21/2013
    • Support on 02/07/2013
    • Support on 03/18/2013
    • Support on 05/17/2013
    • Support on 06/04/2013
    • Resistance on 07/09/2013
    • Resistance on 07/10/2013
    • Resistance on 07/11/2013
    • Resistance on 07/19/2013
    • Resistance on 08/09/2013
    • Resistance on 08/12/2013
    • Support on 08/20/2013
    • Resistance on 08/26/2013
    • Support on 08/24/2015
    • Support on 09/10/2015
    • Support on 09/30/2019
    • Resistance on 10/01/2019
    • Support on 10/15/2019
    • Support on 10/16/2019
    • Support on 10/17/2019
    • Support on 10/25/2019
    • Support on 10/28/2019
    • Support on 10/29/2019
  • Ending of entry zone (0.8200)
    • Resistance on 01/23/2012
    • Support on 01/26/2012
    • Support on 01/30/2012
    • Resistance on 03/07/2012
    • Resistance on 03/08/2012
    • Resistance on 03/19/2012
    • Resistance on 03/30/2012
    • Resistance on 04/09/2012
    • Resistance on 04/10/2012
    • Support on 04/12/2012
    • Resistance on 04/17/2012
    • Resistance on 08/03/2012
    • Resistance on 08/06/2012
    • Resistance on 08/07/2012
    • Resistance on 10/26/2012
    • Support on 10/31/2012
    • Support on 11/02/2012
    • Support on 11/05/2012
    • Support on 11/06/2012
    • Resistance on 11/13/2012
    • Resistance on 12/04/2012
    • Support on 12/10/2012
    • Resistance on 12/24/2012
    • Support on 01/02/2013
    • Support on 01/17/2013
    • Support on 06/05/2013
    • Support on 06/06/2013
    • Resistance on 06/17/2013
    • Resistance on 06/19/2013
    • Resistance on 06/26/2013
    • Resistance on 06/27/2013
    • Resistance on 07/03/2013
    • Resistance on 07/11/2013
    • Resistance on 07/16/2013
    • Support on 07/30/2013
    • Support on 07/31/2013
    • Resistance on 08/06/2013
    • Support on 08/13/2013
    • Support on 08/21/2013
    • Support on 08/22/2013
    • Support on 08/26/2013
    • Resistance on 08/30/2013
    • Support on 09/04/2013

DateNovember 9, 2019 - 18:04
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 0.8200, beginning of uptrend is expected.
  • We make sure when the resistance at 0.8530 breaks.
  • If the support at 0.8200 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.
  • A peak is formed in daily chart at 0.8495 on 11/01/2019, so more losses to support(s) 0.8345, 0.8285 and minimum to Major Support (0.8200) 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. 0.8345
  2. 0.8460
  3. 0.8530
  4. 0.8620
  5. 0.8685
  6. 0.8890
  7. 0.9060
  8. 0.9260
  9. 0.9515
  10. 0.9920
Click on the level to view price action history.