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Weekly forecast New Zealand Dollar / Singapore Dollar technical chart

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Trade Setup
Total Profit: -1045 pip
Closed trade(s): 17 pip Profit
Open trade(s): -1062 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 0.8703 (day close price) based on 'Valley' at 2019.10.30.

Closed Profit:
TP1 @ 0.8720 touched at 2019.10.31 with 17 pip Profit.

Open Profit:
Profit for one trade is 0.8585(current price) - 0.8703(open price) = -118 pip
9 trade(s) still open, therefore total profit for open trade(s) is -118 x 9 = -1062 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.

DateNovember 9, 2019 - 18:08
Currentrange bound
Forecastbeginning of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 0.8550, beginning of uptrend is expected.
  • We make sure when the resistance at 0.8885 breaks.
  • If the support at 0.8550 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 0.8565 on 2019-09-23 and the trough at 0.8552 on 2019-10-16, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A peak is formed in daily chart at 0.8755 on 11/04/2019, so more losses to support(s) 0.8565 and minimum to Major Support (0.8550) 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 37.

Take Profits:

  1. 0.8720
  2. 0.8805
  3. 0.8885
  4. 0.8965
  5. 0.9110
  6. 0.9205
  7. 0.9340
  8. 0.9480
  9. 0.9710
Click on the level to view price action history.