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Weekly forecast New Zealand Dollar / Japanese Yen technical chart
Symbol NZDJPY

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (71.30 to 71.65). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is above the level 69.95, the probability of beginning of downtrend is too weak, so we would enter the market with sell trades based on Daily-Trading-Opportunities and a day close price below 69.95 and expect to reach short-term targets.

  • Beginning of entry zone (71.30)
    • Support on 06/24/2016
    • Support on 07/06/2016
    • Support on 01/03/2019
    • Support on 05/23/2019
    • Support on 05/24/2019
    • Support on 05/29/2019
    • Support on 05/30/2019
    • Resistance on 06/03/2019
    • Support on 06/11/2019
    • Resistance on 06/25/2019
    • Resistance on 08/01/2019
    • Resistance on 12/03/2019
    • Resistance on 12/05/2019
    • Resistance on 12/06/2019
    • Resistance on 12/09/2019
    • Resistance on 12/10/2019
    • Support on 01/08/2020
    • Resistance on 02/05/2020
    • Resistance on 02/12/2020
    • Resistance on 06/05/2020
    • Resistance on 06/08/2020
    • Resistance on 06/09/2020
  • Ending of entry zone (71.65)
    • Support on 06/24/2016
    • Support on 07/06/2016
    • Support on 07/07/2016
    • Support on 01/03/2019
    • Support on 05/13/2019
    • Support on 05/14/2019
    • Support on 05/15/2019
    • Support on 05/16/2019
    • Support on 05/17/2019
    • Support on 05/21/2019
    • Resistance on 05/23/2019
    • Resistance on 05/24/2019
    • Resistance on 05/27/2019
    • Resistance on 05/28/2019
    • Resistance on 05/29/2019
    • Resistance on 05/30/2019
    • Resistance on 06/11/2019
    • Support on 07/05/2019
    • Support on 07/10/2019
    • Support on 07/30/2019
    • Resistance on 08/01/2019
    • Resistance on 12/11/2019
    • Support on 01/06/2020
    • Support on 01/08/2020
    • Resistance on 06/05/2020
    • Resistance on 06/08/2020
    • Resistance on 07/22/2020
    • Peak on 07/23/2020
    • Resistance on 07/23/2020

DateJuly 26, 2020 - 16:38
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 73.550, beginning of downtrend is expected.
  • We make sure when the support at 68.050 breaks.
  • If the resistance at 73.550 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 71.655 on 2020-06-08 and the peak at 71.665 on 2020-07-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 71.65 on 07/23/2020, so more losses to support(s) 69.95, 69.15 and minimum to Major Support (68.05) 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 56.

Take Profits:

  1. 69.15
  2. 68.05
  3. 66.90
  4. 66.15
  5. 63.80
  6. 62.00
  7. 59.50
  8. 57.35
  9. 53.80
  10. 49.40
Click on the level to view price action history.