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

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Trade Setup
#NZDUSD
Total Profit: 223 pip
Closed trade(s): 27 pip Profit
Open trade(s): 196 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 0.6642 (day close price) based on 'Peak' at 2020.10.28 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/N...

Closed Profit:
TP1 @ 0.6615 touched at 2020.10.29 with 27 pip Profit.

Open Profit:
Profit for one trade is 0.6642(open price) - 0.6614(current price) = 28 pip
7 trade(s) still open, therefore total profit for open trade(s) is 28 x 7 = 196 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateOctober 31, 2020 - 20:48
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.67900, beginning of downtrend is expected.
  • We make sure when the support at 0.65000 breaks.
  • If the resistance at 0.67900 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 38 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 0.6725 on 10/27/2020, so more losses minimum to Major Support (0.6500) 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 47.

Take Profits:

  1. 0.6615
  2. 0.6500
  3. 0.6375
  4. 0.6240
  5. 0.6080
  6. 0.5930
  7. 0.5470
Click on the level to view price action history.