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

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Trade Setup
#NZDCAD
Total Profit: 94 pip
Closed trade(s): 94 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 9 BUY trade(s) @ 0.8708 based on 'Hammer' at 2019.06.21 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/N...

Closed Profit:
TP1 @ 0.8725 touched at 2019.06.24 with 17 pip Profit.
TP2 @ 0.8785 touched at 2019.06.26 with 77 pip Profit.
17 + 77 = 94 pip

7 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.8495 to 0.8320). 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 (0.8495)
    • Trough on 09/12/2018
    • Support on 09/12/2018
    • Resistance on 10/11/2018
    • Support on 10/24/2018
    • Support on 10/25/2018
    • Support on 10/26/2018
  • Ending of entry zone (0.8320)
    • Resistance on 01/10/2013
    • Resistance on 01/11/2013
    • Support on 01/30/2013
    • Support on 05/13/2013
    • Support on 05/14/2013
    • Resistance on 05/17/2013
    • Support on 05/27/2013
    • Resistance on 05/31/2013
    • Resistance on 06/03/2013
    • Resistance on 06/04/2013
    • Resistance on 06/05/2013
    • Resistance on 07/25/2013
    • Resistance on 07/26/2013
    • Resistance on 07/29/2013
    • Resistance on 08/07/2013
    • Resistance on 08/08/2013
    • Resistance on 08/15/2013
    • Resistance on 09/04/2013
    • Resistance on 09/06/2013
    • Resistance on 09/09/2013
    • Support on 08/24/2015
    • Support on 08/31/2015
    • Support on 09/01/2015
    • Support on 09/04/2015
    • Support on 09/07/2015
    • Support on 09/08/2015
    • Support on 09/10/2015
    • Support on 09/11/2015
    • Support on 09/17/2015
    • Support on 09/22/2015
    • Support on 09/23/2015
    • Trough on 10/05/2018
    • Support on 10/05/2018
    • Support on 10/08/2018

DateJuly 6, 2019 - 21:52
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.83200, beginning of uptrend is expected.
  • We make sure when the resistance at 0.87850 breaks.
  • If the support at 0.83200 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 0.8682 on 2019-05-21 and the trough at 0.86455 on 2019-06-21, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 0.8800 on 07/01/2019, so more losses to support(s) 0.8640, 0.8495 and minimum to Major Support (0.8320) 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 35.

Take Profits:

  1. 0.8640
  2. 0.8725
  3. 0.8785
  4. 0.8920
  5. 0.9060
  6. 0.9260
  7. 0.9515
  8. 0.9920
Click on the level to view price action history.