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EURNZD Weekly Forex Forecast 28th October to 3rd November by yshashmi37 on TradingView.com
Midterm forecast:
While the price is below the resistance 1.8190, beginning of downtrend is expected.
We make sure when the support at 1.7390 breaks.
If the resistance at 1.8190 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 1.78245 on 2018-09-11 and the peak at 1.79285 on 2018-10-08, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
A peak is formed in daily chart at 1.7930 on 10/08/2018, so more losses to support(s) 1.7480 and minimum to Major Support (1.7390) 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 44.
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