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

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Trade Setup
#NZDUSD
Total Profit: -493 pip
Closed trade(s): 32 pip Profit
Open trade(s): -525 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 0.7132 based on 'Peak' entry method at 2021.01.15.

Closed Profit:
TP1 @ 0.7100 touched at 2021.01.18 with 32 pip Profit.

Open Profit:
Profit for one trade is 0.7132(open price) - 0.7207(current price) = -75 pip
7 trade(s) still open, therefore total profit for open trade(s) is -75 x 7 = -525 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.

DateJanuary 30, 2021 - 19:03
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.73150, beginning of downtrend is expected.
  • We make sure when the support at 0.69400 breaks.
  • If the resistance at 0.73150 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 0.7103 on 2020-12-03 and the peak at 0.73145 on 2021-01-06, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 0.7106 on 01/28/2021, so more gains to resistance(s) 0.7230 and maximum to Major Resistance (0.7315) 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 56.

Take Profits:

  1. 0.7100
  2. 0.7005
  3. 0.6940
  4. 0.6775
  5. 0.6615
  6. 0.6385
  7. 0.6240
Click on the level to view price action history.