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Weekly forecast New Zealand Dollar / Japanese Yen technical chart

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Trade Setup
Total Profit: -972 pip
Closed trade(s): 0 pip Profit
Open trade(s): -972 pip Profit

Trade Setup:
We opened 9 BUY trade(s) @ 75.72 based on 'Valley' at 2019.04.12.

Open Profit:
Profit for one trade is 74.64(current price) - 75.72(open price) = -108 pip
9 trade(s) still open, therefore total profit for open trade(s) is -108 x 9 = -972 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.

DateJanuary 23, 2021 - 17:26
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 75.55, beginning of downtrend is expected.
  • We make sure when the support at 73.35 breaks.
  • If the resistance at 75.55 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 72.78 on 2020-11-12 and the peak at 75.57 on 2021-01-08, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 73.60 on 01/19/2021, so more gains to resistance(s) 75.00 and maximum to Major Resistance (75.55) 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 58.

Take Profits:

  1. 73.35
  2. 72.70
  3. 71.95
  4. 70.45
  5. 68.65
  6. 66.15
Click on the level to view price action history.