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

#NZDJPY
Total Profit: 373 pip
Closed trade(s): 373 pip Profit

Trade Setup:
We opened 7 SELL trades @ 85.03 based on ' Peak' entry method at 2022-07-22.

Closed Profit:
TP1 @ 84.180 touched at 2022-07-29 with 85 pip Profit.
TP2 @ 82.154 touched at 2022-08-02 with 288 pip Profit.
5 other break-even trades closed at entry price, therefore no profit no loss.
85 + 288 = 373 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (86.335 to 87.330). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (86.335)
  • Ending of entry zone (87.330)

DateAugust 14, 2022 - 11:23
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 87.330, beginning of downtrend is expected.
  • We make sure when the support at 79.434 breaks.
  • If the resistance at 87.330 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
  • A trough is formed in daily chart at 82.150 on 08/02/2022, so more gains to resistance(s) 86.335 and maximum to Major Resistance (87.330) 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 62.

Take Profits:

  1. 84.183
  2. 82.154
  3. 79.434
  4. 78.080
  5. 76.610
  6. 75.282
Click on the level to view price action history.