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Weekly forecast New Zealand Dollar / US Dollar technical chart
Symbol NZDUSD

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateAugust 2, 2020 - 15:27
Currentuptrend
Forecastcontinuation of uptrend

Midterm forecast:

  • 0.65850 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 0.6584 on 2020-06-10 and the peak at 0.67145 on 2020-07-31, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • While the RSI support #1 at 54 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 0.6383 on 06/30/2020, so more gains to resistance(s) 0.6755, 0.6940, 0.7175 and more heights 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.

Supports and Resistances:

  1. 0.6755
  2. 0.6585
  3. 0.6445
  4. 0.6080
  5. 0.5930
  6. 0.5840
  7. 0.5585
  8. 0.5470
Click on the level to view price action history.