NZDCAD Weekly Forex Forecast 30 September to 6th October
Midterm forecast:
While the price is below the resistance 0.8735, resumption of downtrend is expected.
We make sure when the support at 0.8495 breaks.
If the resistance at 0.8735 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 0.8735 is broken.
Technical analysis:
There is a divergence in RSI and price between the trough at 0.8561 on 2018-08-15 and the trough at 0.8494 on 2018-09-12, the probability of downtrend continuation is decreased and the probability of beginning the correction wave is increased.
The RSI bounced from the downtrend #1 and it prevented price from more gains.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 41.
While the price is below the resistance 0.8735, resumption of downtrend is expected.
We make sure when the support at 0.8495 breaks.
If the resistance at 0.8735 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 0.8735 is broken.
Technical analysis:
There is a divergence in RSI and price between the trough at 0.8561 on 2018-08-15 and the trough at 0.8494 on 2018-09-12, the probability of downtrend continuation is decreased and the probability of beginning the correction wave is increased.
The RSI bounced from the downtrend #1 and it prevented price from more gains.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 41.
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