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

#NZDUSD
Total Profit: 743 pip
Closed trade(s): 57 pip Profit
Open trade(s): 686 pip Profit

Trade Setup:
We opened 8 BUY trades @ 0.63533 based on 'Valley' entry method at 2022-06-16.

Closed Profit:
TP1 @ 0.64100 touched at 2022-08-10 with 57 pip Profit.

Open Profit:
Profit for one BUY trade is 0.64505(current price) - 0.63533(open price) = 98 pip
7 trade(s) still open, therefore total profit for open trade(s) is 98 x 7 = 686 pip

Trading suggestion:

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

DateAugust 14, 2022 - 15:19
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.60590, beginning of uptrend is expected.
  • We make sure when the resistance at 0.65300 breaks.
  • If the support at 0.60590 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 0.62126 on 2022-05-13 and the trough at 0.60592 on 2022-07-14, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.62110 on 08/05/2022, so more gains maximum to Major Resistance (0.65300) 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 68.

Take Profits:

  1. 0.63974
  2. 0.65300
  3. 0.67296
  4. 0.68892
  5. 0.70330
  6. 0.72150
  7. 0.74650
Click on the level to view price action history.