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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)

DateJanuary 9, 2022 - 07:57
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 0.87690, resumption of downtrend is expected.
  • We make sure when the support at 0.85000 breaks.
  • If the resistance at 0.87690 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 0.8764 on 12/30/2021, so more losses minimum to Major Support (0.8500) 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 33.

Take Profits:

  1. 0.8870
  2. 0.8706
  3. 0.8679
  4. 0.8600
  5. 0.8460
  6. 0.8240
  7. 0.8085
Click on the level to view price action history.