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GBPNZD Weekly Forex Forecast 3rd November to 9th November 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 2.0470 would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 2.00305 on 2018-09-18 and the peak at 2.04675 on 2018-10-10, 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.
The RSI bounced from the support #2 at 32 and it prevented price from more losses.
A peak is formed in daily chart at 2.0470 on 10/11/2018, so more losses to support(s) 1.9435, 1.9245, 1.9095 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 39.
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