CADJPY Weekly Forex Forecast 28th October to 3rd November by yshashmi37 on

Midterm forecast:

There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 91.65 would begin in Midterm.
Technical analysis:

The descending flag taking shape suggests we will soon see another leg lower.
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
While the RSI resistance #2 at 51 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 86.90 on 10/16/2018, so more losses to support(s) 85.05, 84.25, 83.50 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.

Share This