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

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (0.8940 to 0.9040). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (0.8940)
  • Ending of entry zone (0.9040)

DateOctober 24, 2021 - 09:32
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.90400, beginning of downtrend is expected.
  • We make sure when the support at 0.86000 breaks.
  • If the resistance at 0.90400 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • A trough is formed in daily chart at 0.8607 on 10/11/2021, so more gains to resistance(s) 0.8870, 0.8920, 0.8940 and maximum to Major Resistance (0.9040) 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 57.

Take Profits:

  1. 0.8870
  2. 0.8760
  3. 0.8679
  4. 0.8600
  5. 0.8460
  6. 0.8240
  7. 0.8085
Click on the level to view price action history.