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

Download MT4 template file

Trade Setup
#NZDCAD
Total Profit: -1148 pip
Closed trade(s): 28 pip Profit
Open trade(s): -1176 pip Profit

Trade Setup:
We opened 7 SELL trade(s) @ 0.9013 (day close price) based on 'Peak' at 2020.12.07 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/N...

Closed Profit:
TP1 @ 0.8985 touched at 2020.12.10 with 28 pip Profit.

Open Profit:
Profit for one trade is 0.9013(open price) - 0.9209(current price) = -196 pip
6 trade(s) still open, therefore total profit for open trade(s) is -196 x 6 = -1176 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.

DateFebruary 26, 2021 - 22:50
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 0.9330, beginning of downtrend is expected.
  • We make sure when the support at 0.8985 breaks.
  • If the resistance at 0.9330 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 0.91615 on 2020-12-03 and the peak at 0.9328 on 2021-02-24, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 0.9330 on 02/24/2021, so more losses to support(s) 0.9160, 0.9060 and minimum to Major Support (0.8985) 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 53.

Take Profits:

  1. 0.8985
  2. 0.8870
  3. 0.8755
  4. 0.8600
  5. 0.8460
  6. 0.8240
Click on the level to view price action history.