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NZDUSD Weekly Forex Forecast 24th September To 28th September by yshashmi37 on TradingView.com
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.
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