NZDUSD Weekly Forex Forecast 24th September To 28th September
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 0.6720 would begin in Midterm.
We will close our open trades, if the Midterm level 0.6720 is broken.
Technical analysis:
There is a divergence in RSI and price between the trough at 0.6544 on 2018-08-15 and the trough at 0.65005 on 2018-09-11, 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 0.6500 on 09/11/2018, so more gains maximum to Major Resistance (0.6720) 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 59.
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 0.6720 would begin in Midterm.
We will close our open trades, if the Midterm level 0.6720 is broken.
Technical analysis:
There is a divergence in RSI and price between the trough at 0.6544 on 2018-08-15 and the trough at 0.65005 on 2018-09-11, 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 0.6500 on 09/11/2018, so more gains maximum to Major Resistance (0.6720) 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 59.
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