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Weekly forecast New Zealand Dollar / US Dollar technical chart

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Trade Setup
Total Profit: 269 pip
Closed trade(s): 26 pip Profit
Open trade(s): 243 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 0.6399 (day close price) based on 'Valley' at 2019.10.30.

Closed Profit:
TP1 @ 0.6425 touched at 2019.10.31 with 26 pip Profit.

Open Profit:
Profit for one trade is 0.6426(current price) - 0.6399(open price) = 27 pip
9 trade(s) still open, therefore total profit for open trade(s) is 27 x 9 = 243 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 2, 2019 - 18:55
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 0.6110, beginning of uptrend is expected.
  • We make sure when the resistance at 0.6500 breaks.
  • If the support at 0.6110 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 0.62685 on 2019-09-03 and the trough at 0.62035 on 2019-10-01, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.6205 on 10/01/2019, so more gains maximum to Major Resistance (0.6500) 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. 0.6425
  2. 0.6500
  3. 0.6565
  4. 0.6635
  5. 0.6685
  6. 0.6775
  7. 0.6940
  8. 0.7175
  9. 0.7435
Click on the level to view price action history.