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

#NZDCAD
Total Profit: 339 pip
Closed trade(s): 35 pip Profit
Open trade(s): 304 pip Profit

Trade Setup:
We opened 9 BUY trades @ 0.80348 based on 'Valley' entry method at 2022-07-14.

Closed Profit:
TP1 @ 0.80700 touched at 2022-07-19 with 35 pip Profit.

Open Profit:
Profit for one BUY trade is 0.80727(current price) - 0.80348(open price) = 38 pip
8 trade(s) still open, therefore total profit for open trade(s) is 38 x 8 = 304 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.

DateAugust 7, 2022 - 09:52
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 0.83350 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 0.78993 on 2022-07-13, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI resistance #1 at 54 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.80070 on 08/04/2022, so more gains to resistance(s) 0.81851 and maximum to Major Resistance (0.83350) 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 52.

Take Profits:

  1. 0.80720
  2. 0.81851
  3. 0.83350
  4. 0.84740
  5. 0.85990
  6. 0.87693
  7. 0.90169
  8. 0.93300
Click on the level to view price action history.