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

Download MT4 template file

Trade Setup

#NZDUSD
Total Profit: 5845 pip
Closed trade(s): 1561 pip Profit
Open trade(s): 4284 pip Profit

Trade Setup:
We opened 13 SELL trade(s) @ 0.7351 (day close price) based on 'Two-day reversal candle (Shooting Star)' at 2018.04.13 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/N...

Closed Profit:
TP1 @ 0.7305 touched at 2018.04.18 with 46 pip Profit.
TP2 @ 0.7240 touched at 2018.04.20 with 111 pip Profit.
TP3 @ 0.7175 touched at 2018.04.23 with 176 pip Profit.
TP4 @ 0.7055 touched at 2018.04.27 with 296 pip Profit.
TP5 @ 0.6950 touched at 2018.05.09 with 401 pip Profit.
TP6 @ 0.6820 touched at 2018.06.27 with 531 pip Profit.
46 + 111 + 176 + 296 + 401 + 531 = 1561 pip

Open Profit:
Profit for one trade is 0.7351(open price) - 0.6739(current price) = 612 pip
7 trade(s) still open, therefore total profit for open trade(s) is 612 x 7 = 4284 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.
  • If the Midterm level 0.68500 is broken, we will close open trades.

DateAugust 5, 2018 - 14:58
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 0.68500 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
  • We will close our open trades, if the Midterm level 0.68500 is broken.

Technical analysis:

  • The symmetrical triangle taking shape and as a continuation pattern suggests we will soon see another leg lower if price breaks and closes below the uptrend line of the triangle.
  • There is a divergence in RSI and price between the trough at 0.685 on 2018-05-16 and the trough at 0.669 on 2018-07-03, the probability of downtrend continuation is decreased and the probability of beginning the correction wave is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 0.6850 on 07/26/2018, so more losses to support(s) 0.6620, 0.6430, 0.6245 and more depths 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 40.

Take Profits:

  1. 0.7305
  2. 0.7240
  3. 0.7175
  4. 0.7055
  5. 0.6950
  6. 0.6820
  7. 0.6620
  8. 0.6430
  9. 0.6245
  10. 0.5930
  11. 0.5485
  12. 0.4900
Click on the level to view price action history.