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

Trading suggestion:

Price is in the Trend Hunter Buy Zone (0.80000 to 0.79250).

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

  • Beginning of entry zone (0.80000)
  • Ending of entry zone (0.79250)

DateJuly 10, 2022 - 20:08
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.79250, beginning of uptrend is expected.
  • We make sure when the resistance at 0.80700 breaks.
  • If the support at 0.79250 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 0.80712 on 2022-05-16 and the trough at 0.7944 on 2022-07-05, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A peak is formed in daily chart at 0.82670 on 06/20/2022, so more losses minimum to Major Support (0.79250) 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 39.

Take Profits:

  1. 0.82407
  2. 0.83500
  3. 0.85990
  4. 0.87693
  5. 0.88700
  6. 0.90169
Click on the level to view price action history.