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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 Buy Zone (0.79610 to 0.79250). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (0.79610)
  • Ending of entry zone (0.79250)

DateAugust 27, 2022 - 18:37
Currentdowntrend
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:

  • The RSI uptrend #1 is broken, so the probability of beginning of uptrend is decreased.
  • A peak is formed in daily chart at 0.82520 on 08/12/2022, so more losses to support(s) 0.79610 and 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 42.

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.