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Weekly forecast New Zealand Dollar / US Dollar technical chart

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Trade Setup
Total Profit: -668 pip
Closed trade(s): 32 pip Profit
Open trade(s): -700 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) - 0.7232(current price) = -100 pip
7 trade(s) still open, therefore total profit for open trade(s) is -100 x 7 = -700 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.

DateFebruary 27, 2021 - 18:35
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 0.7560, beginning of downtrend is expected.
  • We make sure when the support at 0.6940 breaks.
  • If the resistance at 0.7560 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 peak is formed in daily chart at 0.7465 on 02/25/2021, so more losses to support(s) 0.7230, 0.7175, 0.7100 and minimum to Major Support (0.6940) 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 49.

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.