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

#NZDCAD
Total Profit: 1550 pip
Closed trade(s): 185 pip Profit
Open trade(s): 1365 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.
TP2 @ 0.81851 touched at 2022-08-10 with 150 pip Profit.
35 + 150 = 185 pip

Open Profit:
Profit for one BUY trade is 0.82299(current price) - 0.80348(open price) = 195 pip
7 trade(s) still open, therefore total profit for open trade(s) is 195 x 7 = 1365 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 14, 2022 - 21:14
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 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 64.

Take Profits:

  1. 0.80721
  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.