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Weekly forecast New Zealand Dollar / Canadian Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.79733 to 0.79427). 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 (0.79733)
  • Ending of entry zone (0.79427)

DateDecember 3, 2023 - 07:04
Forecastcontinuation of uptrend

Midterm forecast:

  • 0.79427 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:

  • The double bottoms taking shape.
  • A trough is formed in daily chart at 0.80855 on 11/14/2023, so more gains to resistance(s) 0.84187, 0.86080, 0.87264 and more heights 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 71.

Take Profits:

  1. 0.80675
  2. 0.81111
  3. 0.81700
  4. 0.82361
  5. 0.83350
  6. 0.84187
  7. 0.86080
  8. 0.87264
  9. 0.88154
Click on the level to view price action history.