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

Download MT4 template file

Trade Setup
#NZDCAD
Total Profit: 415 pip
Closed trade(s): 202 pip Profit
Open trade(s): 213 pip Profit

Trade Setup:
We opened 5 BUY trade(s) @ 0.8759 (day close price) based on 'Shooting star (Two-day reversal candle)' at 2020.06.22 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/N...

Closed Profit:
TP1 @ 0.8800 touched at 2020.06.23 with 41 pip Profit.
TP2 @ 0.8920 touched at 2020.07.07 with 161 pip Profit.
41 + 161 = 202 pip

Open Profit:
Profit for one trade is 0.8830(current price) - 0.8759(open price) = 71 pip
3 trade(s) still open, therefore total profit for open trade(s) is 71 x 3 = 213 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.
  • If the Midterm level 0.88000 is broken, we will close open trades.

DateAugust 8, 2020 - 19:45
Currentuptrend
Forecastcontinuation of uptrend

Midterm forecast:

  • 0.88000 is a major support, while this level is not broken, the Midterm wave will be uptrend.
  • We will close our open trades, if the Midterm level 0.88000 is broken.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of continuation of uptrend is decreased.
  • A trough is formed in daily chart at 0.8799 on 08/06/2020, so more gains to resistance(s) 0.8920, 0.9060, 0.9260 and more heights 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 47.

Take Profits:

  1. 0.8800
  2. 0.8920
  3. 0.9060
  4. 0.9260
Click on the level to view price action history.