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

Download MT4 template file

Trade Setup
#NZDUSD
Total Profit: 27 pip
Closed trade(s): 27 pip Profit
Open trade(s): 0 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.

7 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (0.6775 to 0.6800). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

While the price is above the level and Close Below 0.671, the probability of beginning of downtrend is too weak, so we would enter the market with sell trades based on Daily-Trading-Opportunities and a day close price below and Close Below 0.671 and expect to reach short-term targets.

  • Beginning of entry zone (0.6775)
    • Resistance on 07/22/2019
    • Resistance on 09/01/2020
    • Resistance on 09/02/2020
    • Resistance on 09/03/2020
    • Resistance on 09/18/2020
    • Resistance on 09/21/2020
    • Resistance on 11/05/2020
  • Ending of entry zone (0.6800)
    • Resistance on 07/05/2018
    • Resistance on 07/17/2018
    • Resistance on 07/18/2018
    • Resistance on 07/19/2018
    • Resistance on 07/23/2018
    • Resistance on 07/24/2018
    • Resistance on 07/27/2018
    • Resistance on 08/02/2018
    • Resistance on 11/07/2018
    • Resistance on 11/08/2018
    • Resistance on 11/14/2018
    • Support on 11/16/2018
    • Support on 11/22/2018
    • Support on 12/18/2018
    • Resistance on 01/09/2019
    • Resistance on 01/23/2019
    • Resistance on 01/24/2019
    • Resistance on 02/13/2019
    • Support on 02/28/2019
    • Support on 03/04/2019
    • Resistance on 03/06/2019
    • Support on 04/01/2019
    • Resistance on 09/18/2020

DateNovember 7, 2020 - 21:02
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.68000, beginning of downtrend is expected.
  • We make sure when the support at 0.65000 breaks.
  • If the resistance at 0.68000 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • A trough is formed in daily chart at 0.6585 on 11/02/2020, so more gains to resistance(s) 0.6775 and maximum to Major Resistance (0.6800) 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 65.

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.